Intercontinental International (ICI) REIC's acquisition by BriQ Properties REIC is considered by many to be an important deal for the next day of the industry, in an agreement with an estimated value of more than €70 million. Based on the deal of the two listed companies, BriQ within the first six months will acquire from ICI a portfolio of 17 properties by paying the relevant consideration.
This is 53.4% of the value of ICI's portfolio, amounting to €114 million. With this move, BriQ's portfolio will increase to €200 million. Afterwards, ICI will proceed with a capital reduction and distribution of the net profits from the sale to its shareholders. Subsequently, BriQ will acquire 26% of ICI, corresponding to €10.2 million worth of shares currently controlled by Ajolico, the main shareholder of the listed company. After this move is also completed, BriQ will proceed with a merger by absorption of ICI, at a ratio of 1.4178 new BriQ shares for each existing ICI share. After the completion of this process, BriQ shareholders will control 76.5% of the new company and those of ICI the remaining 23.5%. According to the management of REIC of the Fessa group, from 2017 until the 2021 fiscal year, the listed company, in which, among others, insurance funds and insurance companies have invested, has distributed dividends of €7.3 million.
Shifting into Logistics
Prodea Investments, the first value-based portfolio REIC in the domestic industry, seems to be moving away from green office investments for a while and focusing on the supply chain industry. It has recently announced the acquisition of a logistics complex in Aspropyrgos, worth €38.1 million. The agreement concerns the acquisition of 100% of the shares of the company "THETIS KTIMATIKI-EMPORIKI SA", owner of a plot of land with a total area of 146 thousand square meters. in Aspropyrgos, Attica, where a modern energy-efficient Storage and Distribution Center complex consisting of four independent buildings with a total area of 59,015 sq.m. has been erected. The total price for the acquisition of the complex amounted to €38.1 million and the financing was carried out from the raised funds of the green bond issued by the company in 2021. As stated by Mr. Ar. Prodea CEO Karitina "the company shows a particular interest in the logistics sector. We will invest where prices and capabilities allow us".
Alternative investments
Another important agreement was recently sealed by Premia Propetries and Sterner Stenhus Greece and Athens Brewery according to which REIC acquires the business and the brand of Natural Mineral Water IOLI. The premises of the Athenian Brewery with a total area of 99,209 sq.m, which had the brand in its portfolio in the area of Moschohori Fthiotidos, and the building facilities with a total area of 12,230 sq.m, become the property of Premia. The lessee of the property and the contractor will be the newly established company IOLI PIGI, a subsidiary of STERNER STENHUS GREECE.
New business parks
A new commercial park in Chalandri was declared by Trade Estates REIC of the Fourlis group for €6.5 million. The property was acquired by the company Ten Brinke Hellas last December and is a daily destination for thousands of consumers, as it is located in the heart of Chalandri and is leased to two of the largest companies on the market, AB Vassilopoulos and McDonald's. As the management of REIC has underlined, within the next two years it plans to operate 4 more commercial parks throughout Greece, with the value of its portfolio reaching €550 million from around €300 million today. According to Mr. Dimitris Papoulis, CEO of Trade Estates, "we are evaluating new projects with the potential to increase the value of the portfolio to the level of €700 million by 2027. We will continue to create important commercial developments and also pursue new acquisitions in Greece, Bulgaria and Cyprus, in order to enrich the portfolio of our unique commercial properties, but also to develop our new commercial identity "Top Parks".
