Premia Properties AEEAP’s management is starting to unlock the hidden assets of its existing portfolio, starting with the use of some of its old industrial property in the Oreokastro area of ​​Thessaloniki. This is an old tobacco warehouse that was purchased in 2008 by Pasal Development (and now Premia). On an area of ​​39.6 acres there are two active buildings, one with an area of ​​11,400 sq.m. and another 2,730 sq.m. For this latter building, the listed company has entered into an agreement to lease it to the Leroy Merlin chain, which plans to use it as a “dark shop” to meet the needs of its customers in the wider Macedonia region.

“We have already begun work on the renovation of the facility so that it can be handed over to Leroy Merlin in the first two months of 2023. At the same time, we are negotiating with interested users to rent the larger of the two properties. So we are also launching the use of existing properties in our portfolio.” Kohn explains “K”. Markasos, managing director of Premia Properties. The agreement with Leroy Merlin is expected to generate an annual rental income of 130,000 euros, with a lease term of nine years and starting from February 2023.

Plans Heart of Athens on Piraeus street and an old tobacco store in Oreokastro, Thessaloniki.

Another important property that Premia Properties is negotiating for its operation is the Athens Heart shopping center on Piraeus Street, on the height of Tavros (near the junction with Hamosternas Street). Premia’s goal is to diversify the use of the property by limiting the number of stores and possibly adding office or even educational space. At the same time, the management intends to acquire an adjacent plot of land owned by the National Bank, on which there is an opportunity to build a building of 3,200 sq.m., which could work in combination with the Heart of Athens of 22,000 sq.m. ., by adding and using entertainment. The specific property had been owned by Premia (then Pasal) in the past, and she was required to turn it over to the bank in exchange for a reduction in her bank loan even before the consolidation plan was agreed upon and the strategic investor went into equity. listed company.

It is recalled that Athens Heart belongs to the special purpose company Doreco and is burdened with a loan of 55 million euros to the National Bank. The said property was excluded from the Pasal reorganization agreement, as a result of which it is not consolidated with the listed company (Premia Properties), and the income from its operation is used to repay the Doreco loan. In this context, one solution that seems to have gained momentum is to “haircut” Doreco’s borrowings to 15.7 million euros. However, at the moment the corresponding agreement has not yet been concluded.

Another highlight for Premia is the selection of a joint venture in which it is participating as a temporary investor in the Alpha Bank Skyline project, which concerns the operation of a real estate portfolio worth more than 570 million euros. This consortium is led by Dimand Real Estate with a 51% share, Premia owns 25% and the remaining 24% is owned by the EBRD. Alfa-Bank will also participate in the scheme to be created, the relative percentage is being agreed, although it will vary from 20% to 35%.