By the end of the year, the sale and transfer to Bespoke Real Estate (of Spyros Theodoropoulos) of the Nika property, for €20.026 million, and the four ION properties, for a total price of €42.947 million, is expected to be completed.
It is worth mentioning that the value of the five properties was valued by PwC at €63,5 million.
THE REVIEW OF THE REGIONS
The valuation report also provides a brief review of the local market by property.
Industrial Property (59 356,92 sqm) of Nika in Agios Stefanos
The site is home to mostly industrial uses with a few exceptions of large-scale commercial stores (Factory Outlet, Dexim).
The inventory of industrial properties in the area is quite large, particularly for buildings between 1,000 sq. ft. and 3,000 sq. ft. in size, while the inventory is significantly limited for larger buildings. In terms of land for development, the stock is particularly limited within the industrial estate as most is occupied.
The majority of the industrial properties available for lease are buildings constructed around 2000 and are available for a rental unit price ranging from €4.00 to €7.50/sqm per month, while the stock of properties available for sale also includes buildings of older construction, around 1980, and the rental unit price ranges from €270 to €950/sqm per month depending on the characteristics of each property.
Important factors in determining the value are the existence or not of cooling rooms, the configuration of the production areas, and the size of the properties.
Land with an industrial building and warehouses (4.040,13 sq. m.) of ION in Agios Ioannis Rentis
The area is relatively dense, and the uses are mixed, such as industrial and warehousing, and there are also residential properties in the area, with few undeveloped plots. The stock of industrial properties in the area is relatively high, mainly for older structures, but low for buildings of modern standards.
Transactions in the area are also limited, with most of the available market data relating to asking sales or lease prices.
The majority of the properties available for sale are mainly buildings constructed between 1975 and 1995, with a surface area ranging from 2,500 sq m to 10,000 sq m, and are available for a unit rental price ranging from €3.50 to €8.00/sq m per month, mainly for typical industrial and warehouse space.
Single plot of land with ION's premises (18 100 m2 ) in Pylea
The area is relatively sparsely developed and the uses are exclusively professional, with various companies housing their offices (Intracom Telecom) and stores (Jumbo) in the area, while there are industrial uses, car dealerships and sports facilities, increasing the area's footfall.
The stock of industrial property in the area is relatively low, particularly for buildings of a modern specification, with the majority of properties available for sale rather than for lease.
Transactions in the area are also limited, with most of the available market data relating to asking prices for sale or lease.
The majority of the properties available for sale relate to buildings constructed between 1975 and 2000 and are available for a rental unit price ranging from €3.50 to €5.00/sqm per month and are mainly for typical industrial and manufacturing premises.
As for the undeveloped plots in the area, there is no notable supply, with prices ranging between €50 and €150/sqm, depending on their location and building potential.
Industrial Building Complex (25.580,20 sq. m.) & plot with ground floor warehouse buildings (2.606,88 sq. m.) of ION in Neo Faliro
The area is relatively dense, and the uses are mixed, i.e., industrial and warehousing, while there are also several residential buildings in the area, with a small stock of vacant plots.
The stock of industrial property in the area is relatively low, particularly for modern and large buildings.
Transactions in the area are also limited, with most of the available market data relating to asking sales or lease prices.
The majority of the properties available for lease are mainly buildings constructed between 1978 and 1995, with a surface area ranging from 2,500 sqm to 10,000 sqm, and are available for a unit rental price ranging from €4.00 to €8.00/sqm per month, and are mainly for typical industrial and warehouse space.
