- Grivalia Properties’ net profit for 2015 reaches €62 million compared to €50 million gained in the previous year. The Company’s market value amounts to € 826 million, increased by € 96 million compared to 2014.
- In February the Company announces the agreement with Sklavenitis Group regarding the sale and leaseback of a portfolio of nine retail assets, owned by the recently acquired Makro Cash & Carry S.A. The agreement is concluded in August with a total acquisition value of €60mn. The portfolio consists of two assets in Athens, two in Thessaloniki and one in each of the following cities: Heraklion, Patra, Larissa, Volos and Xanthi.
- Two (2) additional properties in Heraklion Crete and Mandra Attica are added in Grivalia’s portfolio. These two (2) commercial stores are acquired from Praktiker through the sale &leaseback method. The acquisition value for both properties is €15 million, which was financed from the previous’ year Share Capital Increase.
- The Company establishes two subsidiary companies with corporate seat in Luxembourg under the name “Grivalia Hospitality S.A.”, and “Grivalia New Europe S.A.”. The object of “Grivalia Hospitality S.A.” is the acquisition, development and management of hospitality real estate mainly in Greece, whereas “Grivalia New Europe S.A.” shall be active in acquisition and management of commercial real estate in countries where the Company is already present, provided that such investment opportunities arise.
- Grivalia’s commitment towards a sustainable approach of its business activity, is signaled with the commencement of the relevant works for the operational and aesthetic revival of Green Plaza in Maroussi and its modernization in terms of energy efficiency.
- As a result of actions regarding the portfolio energy efficiency upgrade, the certification of two portfolio assets in Marousi and in Tavros is completed. The office complex in Tavros is the first building in Greece to be certified according to LEED PLATINUM, while the office building in Marousi achieves the significant LEED GOLD certification.
- Within the Company’s CSR program, Grivalia materializes initiatives and actions focused on Society and Education.
- Grivalia Properties’ net profit for the financial year of 2014 reaches €50 million with a Company portfolio market value of €729,301 million, increased by € 4,872 million compared to 2013
- The company successfully concludes the capital increase of Cloud Hellas, which started the previous December.
- The share capital increase of €193 million , decided at the Extraordinary General Assembly of Shareholders in November 2013 is successfully completed in February 2014, offering the Company additional liquidity for new investment opportunities.
- In March Grivalia completes the purchase of two (2) warehouses in Aspropyrgos with a total acquisition price €14.2 millions. With regard to the third warehouse under review, the acquisition did not proceed due to the failure of reaching a mutually satisfactory agreement in technical matters between the Company and the seller.
- The acquisition of the 14 assets from the Hellenic Republic Asset Development Fund through the sale & leaseback method, is concluded in May.
- In October the Company is renamed to Grivalia Properties REIC with Stock Exchange ticker converted to «GRIV».
- Finally, in 2014 Grivalia decides on a series of projects that involve the energy efficiency upgrade of its portfolio of assets towards certification from renowned international organizations.
Despite the fact that the Greek economy continues in deep recession for one more year, 2013 confirms in multiple levels both the Company’s strategy of recent years as well as the quality of its human resources and existing portfolio.
- The Company manages to maintain high operational profits and a leading position on top of its business
- An Extraordinary General Shareholders Meeting in November, decides on a share capital increase of up to €193 million, which is expected to be concluded within February 2014. The said share capital increase, will provide the Company with additional liquidity which combined with its ability to secure financing from local and international financial institutions will offer a unique advantage in the acquisition of new investment opportunities
- Fairfax Financial Holdings proceeds with a mandatory public tender offer for the acquisition of Company shares at an offered price of €6.86 per share. Our shareholders respond positively to this mandatory public tender offer, by disposing to Fairfax 156.988 shares. Upon completion of the Company’s share capital increase, Fairfax Financial Holdings will own 41,65% of Eurobank Properties, confirming once again its confidence in the Company’s progress and people
- In October, the Company is announced selected investor for the acquisition of 14 assets from the Hellenic Republic Asset Development Fund which will be leased to the Greek State for 20 years. The portfolio includes among others the Ministry of Education in Maroussi, the Ministry of Health along Kifissias Avenue in Maroussi, the Ministry of Culture along Messogion Avenue and more. The acquisition price to be paid upon completion of the transaction will amount to €145,81 million with an annual rental income exceeding €14 million
- The Company’s ability to secure financing from international financial institutions, is confirmed in December, when the Company agreed the basic terms of a €60 million bond loan with HSBC London, in order to finance part of the acquisition of the 14 asset portfolio from H.R.A.D.F.
- At the end of the year, the Company acquires 100% of the share capital of Cloud Hellas S.A. for a consideration of €1. Following that, the Company will inject €50 million through a share capital increase in Cloud S.A., by February 2014. The acquired company owns a portfolio of four retail boxes in Athens (Tavros, Elliniko, Egaleo) and Thessaloniki (Pylea), primarily leased to Praktiker but also including tenants such as Carrefour Marinopoulos and McDonalds, with an annual passing rent of €6,45 million
- In December, the Company enters into a framework agreement for the acquisition of a portfolio of high specifications logistics facilities in the area of Aspropyrgos. The completion of the transaction is subject to successful completion of the relevant financial, tax, legal and technical due diligence. The three assets have a total leasable area of approximately 37.800sq.m. and the total acquisition price will be €17 million resulting to a double digit rental yield
- At the end of the year, the disposal of a ground floor retail unit with basement is concluded, which was owned by the Company and was located in Kiev, Ukraine. The disposal price is €3,3 million and from the transaction the Company realized gains of approximately €280.000
Throughout 2012, deep financial recession continues and characterizes all business activity in Greece and Southeast Europe.
During the year the Company closely monitors the markets of interest, however decides not to compromise its investment strategy and thus does not proceed with any new investments. Its portfolio proves extremely resistant to the financial conditions experienced in 2012 too. This results in maintaining high operational profits and a place on the top of its business.
In August, Fairfax Financial Holdings Limited, acquires 14.78% of the Company’s shares, the seller of which is Lamda Development S.A., thus raising its total percentage to 19.1%. Mr. Wade Burton, Vice President at Fairfax’s Hamblin Watsa, joins the Company’s Board of Directors and Investment Committee.
2011 is an exceptionally difficult year for commercial real estate, our Group’s core business, but also for all business activity in Greece and Southeast Europe.
Despite that, our Group manages to improve its operating profit and becomes established at the top of the Greek Real Estate market.
Maintaining its high investment standards, the Company selectively completes a small investment in May 2011. More specifically, it proceeds with the acquisition of part of two assets on Syntagma Square – along Othonos street – for €6.573 million. The acquisition involves a total area of 1,314sqm, which the Body of Sworn-In Valuers values at €6,748 million.
During 2010 the Company concludes the sale of three properties, resulting in gains of €570,000 for the said period. The effect of these disposals results in loss of rental income equal to €410,000 for 2010. On 30 April 2010, the Company completes the acquisition of part of the property located at 7, Papadiamantopoulou street in Athens. More specifically, the Company acquires the ground floor along with its auxiliary spaces totalling 385 sqm and 36 parking spaces that take up three basement levels. The acquisition price is €1,214,000. The fair value of the property as valued by the Body of Sworn-In Valuers is €1,300,000. With this acquisition, the Company now owns a self contained asset.
In July 2009 the Company relocates its Headquarters and moves into new offices, more specifically an owned building on 117 Kifissias Ave. in Maroussi, the Plaza office complex.
Acquisition of four (4) commercial properties and buyout of 100% of the shares of the company “Tavros Protipi Anaptyxi”.
Disposal of three (3) commercial properties. The Company’s portfolio now includes 58 properties, with a market value of €670,479,000 as valued by the Body of Sworn-In Valuers.
The Company is re-organising by integrating a large number of activities related to investment analysis and implementation and asset management. The Company also changes its senior management team.
Acquisition of eight commercial properties. The market value of the Company’s property portfolio which includes 56 properties is valued by the Body of Sworn-In Valuers at €586,218,000.
Completion of a successful share capital increase, which raises capital of €329,400,000.
Acquisition of thirteen (13) commercial properties. The market value of the Company’s property portfolio which includes 48 properties is valued by the Body of Sworn-In Valuers at €491,775,000.
Completion of a successful, combined bid to list Company shares in the high cap category on the Athens Stock Exchange and raise capital of € 85.96 million. Trading of all shares in the Company commences on April 12.
Acquisition of eight commercial properties. The market value of the Company’s property portfolio which includes 35 properties is valued by the Body of Sworn-In Valuers at €341,290,000.
Merger by absorption of 100% of the subsidiary company ELDEPA S.A., disposal of all holding related companies and payment of all bank loans totalling €111 million.
The Hellenic Capital Market Commission grants a Real Estate Investments Company incorporation and operating licence.
Acquisition of two commercial properties. The market value of the Company’s property portfolio which includes 27 properties is valued by the Body of Sworn-In Valuers at €271,323,000.
The Company is established in 1952 under the name “Commerce, Industry, Buildings S.A.” (EBO S.A.). In 1985 the Company is being acquired by the Bank of Crete and establishes a portfolio of 14 assets.
Bank of Crete merges with EFG Eurobank S.A. in 1999. The Company changes its corporate name in 2000, to EFG Eurobank Properties S.A. with extended scope to include the provision of property services to third parties.
In June of the same year, REIB Europe and Lamda Development, acquire 20% and 29.9% of the shares in EFG Eurobank Properties S.A. respectively.
In 2004 an application is submitted at the Hellenic Capital Market Commission to convert the Company into a Real Estate Investment Company and to transfer the real estate agency and property valuations divisions to Eurobank Property Services S.A. The market value of the Company’s property portfolio of 25 assets, is being valued by the Body of Sworn-In Valuers at €204,561,000.