Intercontinental International REIC S.A. (“The Company”) announces that it concluded the disposal of a building having a total area of 2,574.81sqm. The sale price amounts to 2,400,000 Euro. The building is located at the junction of 115-117 Vouliagmenis Avenue & Ilia Iliou Street, in Athens. The Company purchased the asset in June 2017 for 1,770,710.22 Euro, including transaction costs. Its Book Value amounted to 1,850,000.00 Euro based on external valuation reports of Chartered Surveyors.
The Company’s CEO, Mr. Marios Apostolinas, stated: “Based on our active portfolio management strategy, we decided to exit given that we achieved a sale price which is 30% higher than the valuation. The project’s net profit reached 900 thousand Euro during a 2year holding period, including rents received.”