Premia Properties AEEAP is expected to secure an annual rental income of over €1 million upon completion of the Boutari winery property acquisition agreement. The listed company will spend 12.3 million euros to purchase buildings with a total area of ​​28,800 sq.m. and land plots of 740 acres, of which five vineyards of 633 acres in Naoussa, Goumenis, Mantinea, Nemea, Santorini and Crete. The transaction will be financed by proceeds from a €100 million bond issue issued at the beginning of the year by Premia Properties.

At the same time, Premia expects significant capital gains in the future from the development and modernization of some of these facilities. The example of Santorini is typical, as well as Crete (Knossos), where studies have already been carried out for their further expansion in order to allow the company to develop wine tourism activities. “In Crete, three suites are already operating in the vineyards. Our goal is to increase the quantity in the near future, but without burdening the vineyard. For this reason, we are exploring alternative options such as, for example. use of neighboring or adjacent land that we own,” says Konstantinos Markasos, managing director of Premia Properties, K. The Butaris property in Pikermi, where the company is currently headquartered, also has important prospects for future exploitation.

Premia expects to generate an annual income of more than 1 million euros.

The Butari real estate purchase agreement is part of the company’s reorganization plan, which was recently approved by the competent court of first instance. In this context, winemaking/commercial activities have been separated from real estate. Premia will lease the property to a newly formed company, Butari Winery SA, which is currently controlled by a group of investors, the main shareholder of which is the Swedish company Sterner Stenhus of expatriate businessman Ilias Georgiadis, which is also the main shareholder of AEEAP. Thus, the work of the historic winery is preserved, debts are canceled and all jobs are saved. In fact, new investors plan to optimize and increase production, and potential “targets” will be sought for the acquisition of other wineries and vineyards in the future as part of the development of Butari.