A Greece-based investment fund, Dromeus Capital, submitted the highest bid last week for two out of four properties put on the auction block by National Bank of Greece’s leasing subsidiary, Ethniki Leasing.
The first property is situated at 66 Kifissias Avenue, a prominent central Athens location. Ιt was previously owned by the once high-flying Babis Vovos company, Greece’s pre-eminent high-rise office space developer before falling on hard times.
Dromeus Capital bought the property for 23.6 million euros, with the initial asking price starting at 21 million euros.
Most of the office building is currently rented by mobile phone and telecoms provider Wind.
The annual lease-to-value ratio hovers at the 4.8 percent region, significantly lower that the unofficial “average” over the recent period for the greater Athens area’s professional office space market, which is estimated at roughly 7 percent.
The property’s total surface area extends to 8,334 square meters, along with 812 parking spaces. The largest part of the building is leased by Wind, although 784 square meters of office space is vacant.
Dromeus Capital also purchased another property auctioned off by Ethniki Leasing, namely, an office building located on 4 Theofanous street, but prominently visible at the intersection of Kifissias and Alexandras Avenue, in the Ambelokipi district.
The minimum asking price was 2.05 million euros, eventually going for 2.35 million euros.
Another previously owned property by the troubled Vovos group, on 6 Pouliou St, which houses the state-run Supreme Council for Civil Personnel Selection (ASEP), did not manage to attract a bid.
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Source: naftemporiki.gr
