Greek Eurobank Properties REIC has agreed to purchase a Romanian company that owns a 9,000 m[sup]2[/sup] retail building development. The property is located in Iasi, north-eastern Romania, and is pre-let to SC Praktiker Romania on a guaranteed 15-year lease agreement. The acquisition price comes to EUR 15 mln. Eurobank Properties said it has made an advance payment of EUR 3 mln and the remainder will be paid upon completion of all construction works, being undertaken by the sellers. Delivery is due to take place by 15 December this year.
Greek Eurobank Properties REIC has agreed to purchase a Romanian company that owns a 9,000 m2 retail building development. The property is located in Iasi, north-eastern Romania, and is pre-let to SC Praktiker Romania on a guaranteed 15-year lease agreement. The acquisition price comes to EUR 15 mln. Eurobank Properties said it has made an advance payment of EUR 3 mln and the remainder will be paid upon completion of all construction works, being undertaken by the sellers. Delivery is due to take place by 15 December this year.
Theresa Messari, investor relations manager, said: 'The present investment will be financed through the proposed share capital increase of the company. We intend to fully profit from the momentum created by the recent amendments to Greek law regarding Greek REICs and the current investment opportunities especially in the Central Eastern European real estate markets.' Eurobank Property, which recently converted into a real estate investment company to benefit from certain tax privileges, is planning to raise EUR 350 mln to EUR 400 mln through a share issue in the coming months.
Last Thursday, the company agreed to buy nine retail and office properties, covering over 17,000 m2 in Athens, for a total of EUR 52 mln.
