The Greek REIC has declared a Share Capital increase of up to €28,014,000, with cash payment, and issuance of up to 32,200,000 common stocks, at a nominal value of €0.87 each, with preemptive rights cancelled in favor of old shareholders, to be listed in the Athens Stock Exchange.
Tryfon Natsis - co-founder of the powerful Brevan Howard Capital Management fund - will remain a principal shareholder, after the increase.
Orinlina has a €144 million portfolio, comprising 16 properties with a gross area of 70,134 sqm. The diversified portfolio includes office and residential assets, retail stores, warehouses, land plots, mixed-use projects and Private Clubs.
The company is highly engaged with the major regeneration of The Ellinikon project, deployed by Lamda Development, through the "Marina Residences by Kengo Kuma" and the "Private Clubs" developments.
Based on the REIC's half year financial statements, fair values of the investment properties and the acquisition value of the properties that have been classified as Group reserves, as calculated based on reports from a Certified Appraiser, increased in 2023, with their total value as of 30.06.2023 reaching €130,638,000, and the Company's total value amounting to €122,961,000.
The funds to be raised will finance Orilina's developments in The Ellinikon
The funds to be raised through this share capital increase will be utilized in The Ellinikon project. Circa €29.8 million will be raised (€30.6 million, minus the estimated issuance costs of approximately €0.8 million) if the increase is covered in full. The amount will then be allocated to cover the financing needs of the Company's investment implementation in The Ellinikon, within 3 years from the Date of the Prospectus' issuance.
Particularly,
1. €27.3 million will be allocated by the Company within 36 months for the first investment, regarding the construction of a complex of luxury homes with a total surface area of more than 4,900 square meters, including underground parking spaces and warehouses, on a plot of land with a total area of 22,795, 21 sqm and
2. €2.5 million will be allocated by the Company within 24 months for the second investment, regarding the construction of a Private Members' Club with a total floor area of 1,340 sqm, including underground auxiliary spaces on a plot of land of 24,553 sqm, adjacent to the plot where the luxury homes will be developed.
