A significant increase of 12% to EUR 136 million from EUR 122 million was recorded in relation to the value of BriQ Properties AEEAP’s portfolio of 26 properties during 2022. This increase is due to the increase in the value of logistics and hospitality real estate. in which the listed company has invested in recent years. It is worth noting that in 2017, when the company placed its shares on the stock exchange, the value of its property did not exceed 26 million euros.
At the same time, the imminent completion of an agreement to acquire another AEEAP, Intercontinental International (ICI) of the Halikias family, is expected to give BriQ even more momentum.
In particular, after completion, the value of the portfolio of a new, larger company will reach 250 million euros. In the first phase, the agreement between the two parties provides for the acquisition by BriQ of 17 ICI properties worth €60.7 million. This is 53.4% of the value of the ICI portfolio of 114 million euros. With this move, BriQ’s portfolio will increase to 200 million euros.
ICI will then proceed to reduce capital and distribute the net profit from the sale to its shareholders. Subsequently, BriQ will acquire a 26% stake in ICI, corresponding to €10.2 million worth of shares currently controlled by Aiolico, the listed company’s majority shareholder. Once this move is also completed, BriQ will proceed with the merger by taking over ICI at a rate of 1.4178 new BriQ shares for every existing ICI share. Upon completion of this process, BriQ shareholders will control 76.5% of the new company, while ICI shareholders will control the remaining 23.5%. Upon completion of this process, the total value of the portfolio of the new company will increase to 250 million euros, as the remaining ICI facilities will be integrated.
According to BriQ management, from 2017 to 2021 financial year, the listed company, in which, among other things, invested by insurance funds and insurance companies, distributed dividends in the amount of 7.3 million euros. At the same time, the capital gains of his real estate portfolio reach 18 million euros.
Source: Kathimerini
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