In the acquisition of old office buildings and hotels, as well as in logistics, Briq Properties AEEAP management is currently looking for investment opportunities. In this context, the company is renovating and vigorously modernizing a private office building on Posidonos Street with an investment of five million euros, and a few months ago it also completed the renovation of a three-star hotel with 79 rooms in Skiathos for the amount of 4.7 million euros. The hotel has been upgraded to four stars with 84 rooms and has been operating since July 1 under the Radisson Resort Plaza Skiathos brand.

“Despite the challenges of the current situation, especially with rising interest rates, we believe that there are investment opportunities in the old property market that can be vigorously modernized and therefore generate more income. However, a very thorough study of the cost of the work is necessary,” Anna Apostolidu said yesterday in the context of a presentation for investors and analysts of Briq Properties AEEAP results for the first half of this year.

He is renovating an office building on Poseidonos Avenue and also renovating a hotel in Skiathos that operates as the Radisson Resort Plaza Skiathos.

Briq’s largest investment to date of €10 million concerns the construction of a new 15,000 m2 logistics facility on private land in Aspropyrgos. Work will begin immediately and should be completed no later than late 2023 or early 2024. Upon completion, the company will develop a 40,000 sq.m. logistics complex. on an area of ​​103 acres.

It already has a warehouse with an area of ​​20,700 sq.m. which is being leased by Infoquest Technologies, and a 4,450 sqm annex will be built before the end of the year, which will also be maintained by an Infoquest group company. It should be noted that the latter rented another Brick property at 125-127 Kifissos Avenue before moving to Aspropyrgos. It was one of the first objects provided to Briq by T. Fessa’s Infoquest team when he started his work. The complex in question was leased for the next six years by Leroy Merlin to meet the latter’s supply needs for its stores in Attica and to process orders from retail customers. Property with an area of ​​8,000 sq.m. has been upgraded while Leroy Merlin has also leased an adjacent 1,500m2 property, also from Briq Properties, to cover loading and unloading needs.

According to company management estimates, by the end of 2023 the value of the Briq portfolio will exceed 150 million euros, without excluding that this amount will even approach 200 million euros. However, this will largely depend on the conditions that will be created in the financial sector, since the growth of interest rates does not contribute to attracting more loans.