Saturday, January 12, 2008

BVIC Group Signs EUR 80 Million Sale Leaseback of New Building in Athens

BVIC Group Web Site - January 9, 2008

BVIC Group is pleased to announce that a sale and leaseback agreement for €80 million was signed with Emporiki Leasing and ATE Leasing. The 20 year sale and leaseback agreement covers all of the lettable area, and common area, as well as the parking spaces of the development under construction at 340 Syggrou Avenue. Specifically, it covers 4,587sqm of office space, 9,185sqm of retail space and 2,133 sqm of storage space, as well as 400 parking spaces.

The Group has already signed a lease agreement with Media Markt for 81% of the retail space and 86% of the storage space. The total annual rental revenue for the space that has already been leased is € 2,340,000 for the first year leased. The remaining retail space is under negotiation and is expected to be let before the development is completed in July 2008. The completion of 340 Syggrou Avenue is expected to contribute circa €1.6 per share to our NAV, to be booked in Q3 2008.

This sale and leaseback agreement reaffirms BVIC’s strong ability to raise financing, as well as the confidence placed by major financial institutions in the quality of the Group’s projects, and the secure leasing agreements it obtains with blue chip tenants. Sphere: Related Content

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