Yesterday, one of the deals planned for the month was formalized, involving the possibility of a merger or acquisition of some small real estate investment funds (REITs). Reason for Intercontinental International AEEAP’s acquisition of the family of expatriate businessman Mr. D. Halikias by Briq Properties AEEAP. According to Ms. Anna Apostolidu, managing director of Briq, the new company that will emerge will oversee a significantly diversified real estate portfolio with a total value of 250 million euros. The agreement between the two parties will be completed in two stages. Initially, Briq will acquire a portfolio of 17 properties from Intercontinental International AEEAP (ICI) worth €60.7 million, paying an appropriate consideration. These are objects worth 53.4% ​​of the total portfolio of the Halikias family company. This acquisition is expected to be completed during the first half of the year.

ICI will then proceed to reduce capital and distribute the net proceeds 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 completed, Briq will continue 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%.

It is worth noting that Briq Properties has developed a significant presence in the logistics sector, while ICI owns significant commercial real estate as well as office buildings, creating the necessary synergies. The new company will also have significantly higher leverage to fuel future growth plans.