According to the CEO of the company Anna Apostolidou the distribution which reaches €0.1045 / share is subject to the approval of certain parameters of the merger with ICI.
The first stage of the agreement was completed on 31.01.2024 with the purchase of 16 properties from ICI, including the 14 ICI properties leased to Alpha Bank, for € 56,6 million. At the same time, a preliminary agreement was signed for the 17th property of this agreement with a sale price of € 4,0 million. The transaction was financed entirely with a bank loan.
After completion of the acquisition, BriQ's portfolio will be worth €212 million from €149 million at the end of 2023, while based on management's estimates, its rental income will increase by approximately €6.4 million in on an annual basis and it is estimated that they will amount to a total of €15.7 million. Regarding the restructuring of the portfolio, this consists of warehouses at 36%, offices at 23%, shops at 19% and hotels at 14%.
Future steps forward
In the sale of properties which, as described by Ms. According to Apostolidou, "it is not strategic" that REIC can proceed in the next period, while in the future, alternative sources of financing such as the issuance of a bond are also being considered. It is recalled that the company has used resources from the Recovery Fund for the construction of the new office building in Kallithea. As the CEO said, 50% of the investment plan of €6.3 million is financed with a fixed interest rate of 0.35% by the RRF, while it will be completed in 2025.
At the same time, the expansion of the logistics center in Aspropyrgos and the expansion of the Mr & Mrs White hotel in Paros are progressing, which in the summer of 2024 will have 61 rooms and suites.
