BriQ Properties: How the merger with ICI and new investments progress

2024 is expected to be a ‘sauler’ year for the , as the process of absorption of Intercontinental International SNEAP (‘ICI’) is expected to be completed. At the time of running three more important projects in the field of logistics, which also has a strong presence in the offices and in the hotel industry. As announced by CEO Anna Apostolidou of BriQ Properties, during yesterday’s (2.4.2024) briefing of analysts, the first phase of the merger was completed at the end of February, as the transfer of 16 ICI properties was carried out for a total price of 58.6 million, while a letter was signed to transfer another property at an agreed price of 4m euros. After this development, BriQ will include 42 properties of a total value of around 212 million and its rent-based revenues will increase by around 6.4 million on an annual basis, while it is estimated that they will total EUR 15,7 million. Basis of the Convention between the Parties as amended and valid after the completion of the Stage A, the ICI will proceed with distributions to its shareholders and then Ajolico, a key shareholder of ICI, will transfer to BriQ, ICI’s issue shares, which will correspond to a value of 10,2 million, about 27 % of ICI’s share capital, as it will be formed after the distributions. Following this completion, the parties will proceed to a merger by absorbing ICI from BriQ at the end of 2024. Some of the important projects that AEPAP is currently implementing and ready to deliver are the extension of the hotel Mr and Mrs White Paros, which has in Paros, as it owns and next door, where it manufactures some suites. The cost of the investment will be 1.2m euros, while the goal is to operate in the summer season of 2024. BriQ, giving special importance to the area of the “green” offices and aiming to enhance the presence further in this area, proceeds to the development of a newly built office building, a surface of 2,393 sq.m., in L. Poseidon 42, at the height of Kallithea. At this stage he proceeds to demolish the existing office building on the proprietary plot, with the company already securing the building permits. This investment will reach 6.3m euros and will be financed by a Recovery and Durability Fund, the well-known RRF, and is expected to be completed within 2025. Furthermore, in the field of logistics, it will proceed with the development of a second storage building in the proprietary area it has acquired in Aspropyrgos, a total area of 117 acres. In particular, it has already built a warehouse and is now advancing its expansion, which will also be leased by the Infoquest Group. During the year 2023, the quoted woman experienced an increase in rent revenue by 14% to 9.1m euros, compared with 8m euros in 2022. Accordingly, the adjusted pre-tax, interest and depreciation profits (EBITDA) increased by 19% and amounted to EUR 6,9 million, compared to EUR 5,8 million last year, while profits from real estate adjustment to fair value amounted to EUR 8,1 million, compared to profits of EUR 7.5 million in 2022.