ICI REIC's merger with BriQ Properties is expected to be completed by early 2024
The General Assembly approved a dividend of €0.30 per share.
The first two phases of ICI REIC and BriQ Properties merger are expected to be completed this year, while the third and final phase is expected to be completed in early 2024.
Intercontinental International REIC's management has declared the news in the context of the Regular General Meeting held via teleconference.
According to the REIC's Managing Director Evangelos Kondos, the company will repay existing loan obligations to Alpha Bank from the sale of the 17 properties to BriQ for €60,577,000
It is recalled that the value of the properties corresponds to a percentage of 53.4% of the total value of ICI's portfolio, (which based on the latest valuation on 30.06.2022 amounts to €113,477,000).
The remaining €38 million is expected to be allocated to the company's shareholders through the equity reduction process. It is noted that the shareholders of AEEAP approved the distribution of a dividend of €0.30 per share for the 2022 financial year.