Intercontinental International REICs informs the investors that, within the context of the geographic diversification of its portfolio, it extends its presence in Thessaloniki market with the acquisition of a retail building with total surface of 1,693 sqm, located in Nea Efkarpia, Thessaloniki on a land plot with three facades and a total area of 901sqm.
The property is currently fully leased into a single tenancy to the electronics chain “PLAISIO COMPUTERS SA”, with a remaining lease term of twelve years. The purchase price reached € 1,186,000 and was funded 100% by the Company’s Equity.
The CEO of the Company, Mr. Marios Apostolinas, stated: “We achieve a net annual rental yield of 8.3%, from a stand-alone building with easy access and a reliable tenant. Based on our analysis, the purchase price is lower than the replacement cost of the building”.