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At present, Grivalia Properties REIT manages a real estate portfolio of one billion euros.
The "milestone" movement to strengthen Grivalia with new real estate and new funds characterizes the management of the company during the merger with Eurobank. In fact, they point out, in every way, that the exit of the real estate investment company (AEEP) from the stock market will not put an end to its investment program, otherwise. In particular, the company not only will not suspend existing investments in real estate development, but will also continue the business of acquiring new real estate in the market, like Grivalia Properties. It will do so simply through Eurobank and not in its current form, namely Grivalia. Indeed, as people who know the design that has been made, if they modify the existing tax framework for REPA, it is very likely – just as – to reconstitute a real estate investment company, even within a year of counting today.
It is recalled that today, Grivalia Properties REIT manages a real estate portfolio worth 1 billion euros, including several buildings under development, such as Stars in Glyfada (for which there is a concession contract ), the private island of Pearl Island in Panama, the renovation of the former facilities of the company Papastratos Tobacco Company in Piraeus (phases A and B). In addition, the activity of the subsidiary Grivalia Hospitality, which focuses on tourism investment and hotel real estate, will not be differentiated. According to group leaders, the growing importance given to real estate development projects has made Grivalia in the form of ADEAP less and less attractive after a two-year increase in corporate income tax from 0.105% to 0.75%. . Therefore, the merger with Eurobank will also have a tax benefit.
On the basis of this plan, the new group will have a portfolio of buildings with a total value of 2.2 billion euros, as it will integrate the buildings of Grivalia to exclusive buildings. Eurobank and the badets recovered from the bank as part of its management. non-performing loans and auctions. The property management will be managed by a new company, Grivalia Management Company, which will be created before the finalization of the merger and which will transform the current REA by absorbing its management team. In this new company, 70% will be controlled by the current CEO of Grivalia, Giorgos Chrysikos. The latter stated that "the transaction will strengthen Grivalia's commercial position by providing direct access to an enlarged real estate portfolio, avoiding structural failures resulting from recent changes in the tax system".
At the same time, Grivalia announced yesterday a net profit of 41.2 million euros for the nine months of this year, an increase of 16% over the same period last year. Rental income, which stood at 48.1 million euros, amounted to 53.8 million euros, up 12%, thanks to the new real estate portfolio. In addition, gains resulting from the revaluation of investment properties at fair value increased to $ 8.3 million, compared to 6.1 million euros.
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