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Briq eyes fresh real estate deals from 50 mln share capital hike

Real estate investment company (REIC) Briq plans to invest most of the 50.7 million euros it will raise from an upcoming rights issue on new property, with the balance going to pay down debts. According to the prospectus, the company has already signed an initial agreement to buy a building located at 67 Aiolou street, central Athens, for 6.5 million euros.

Real estate investment company (REIC) Briq plans to invest most of the 50.7 million euros it will raise from an upcoming rights issue on new property, with the balance going to pay down debts.

According to the prospectus, the company has already signed an initial agreement to buy a building located at 67 Aiolou street, central Athens, for 6.5 million euros and is examining the purchase of more real estate assets (mainly offices, mixed-use space in the broader Athens area and island hotels) worth 14 million euros. Non-binding bids have been submitted for these properties which Briq is currently completing legal and technical checks on. The outcomes of these deals are subject to the outcome of these checks.

The share capital hike will significantly increase the size of the company's portfolio which is currently made up of 16 assets, consisting of office buildings, hotels, logistics, and retail stores. The portfolio is valued at 43.8 million euros and all properties are in the Attiki region except for two hotels on the islands of Tinos and Paros. Ninety-five percent of properties are leased and produce an annual income of 2.8 million euros 

The total amount to be invested in property from the share capital hike is seen reaching 42.9 million euros as the company's major shareholders Theodoros Fessas and Eftihia Koutsoureli have announced their intention to take part in the rights issue by pitching in with 20 million euros.

The subscription period for the rights issue starts on Thursday in a two-for-one offer at 2.10 euros for each new share. The new stocks will start trading on the Athens bourse on December 23.

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