Specifically, the company proceeded to sell all the shares of the 100% subsidiary Cypriot company Severdor Ltd. for a price of €74.4 million (on a cash-free / debt-free basis).
Severdor Ltd is the sole shareholder of the Greek company Insignio M.A.E. which is the owner of the plot, on which Dimand is developing an office complex with a total area of 24,940 sq.m.
The property is in a prime location, in Maroussi, close to the "ring" on the site of the former Berkshire sock factory. The project has the signature of the architectural firm AS.P.A. Design and is going to be certified according to the international LEED and WELL standards as it will meet all sustainability conditions.
The complex will consist of two four-level buildings, with a total area of 22,550 sq.m. (11,000 m2 of superstructure) and underground parking of 250 spaces. The building will have the capacity to accommodate 1,000 to 1,200 jobs. In addition, a hospitality area - Experience Center for universities and researchers will be erected.
The complex is leased to PwC Greece with a ten-year lease contract with the possibility of an extension for an additional 10 years, which will move its headquarters there in Greece.
The final sale of the shares will take place after the completion of the development of the office complex, which is expected within the first half of 2024.
The company's official press release:
"DIMAND S.A. announced the signing of a preliminary share transfer agreement between its subsidiary, Arcela Investments Limited, and Eurobank S.A., for the disposal of 100% of the shares of its 100% Cypriot subsidiary Severdor Ltd., for a consideration of €74.4 million (on a cash-and debt-free basis).Severdor Ltd. is the sole shareholder of the Greek company Insignio S.M.S.A., which is the
owner of the plot located at 65 Kifissias Avenue in Maroussi, on which an emblematic, state of
the art office complex, of a total area of 24,940 sq.m., is under development in accordance
with the principles of sustainability and bioclimatic design, with particular emphasis on a
friendly, flexible and creative working environment.
The office complex is to be certified according to the international LEED (Gold) and WELL standards, as it will meet all sustainability requirements.
The transfer of the shares will take place upon completion of the development of the office
complex and its delivery for use to a tenant, within H1 2024."
