At a cost of € 4million, BriQ Properties successfully acquired a detached office building at 152 Vouliagmenis Avenue, Glyfada. The building has a total surface area of 2,824 square meters. The property is fully leased, and the purchase was financed through a loan.

It is noted that a notarized preliminary purchase and sale agreement was signed for this property on January 31, 2024, while the purchase formally completes the first stage of the transaction for the merger of BriQ Properties with Intercontinental International, which involved the acquisition of 17 ICI properties.

PORTFOLIO OF 42 PROPERTIES

Following the acquisition of the above property, BriQ Properties has a portfolio of 42 properties with a total value of €216 million (an increase of 45% from December 31, 2023), consisting of logistics (38%), offices (22%), commercial and banking (19%), supermarkets (4% and other uses (3% of the total portfolio value). The main tenants are Alpha Bank, Quest Group, Sarmed Logistics, and Hotel Brain.

According to management's estimates, annual rental income for 2024 will be approximately €15 million (not taking into account income from the merger through the absorption of ICI), i.e., an increase of approximately 65% compared to 2023, while a significant improvement in net profit after tax is also expected following the reduction in borrowing rates in the current financial year.

Finally, the company informs us that it is continuing to implement the next stages of the merger through the absorption of ICI, with the aim of completing them by the end of 2024.