PREMIA REAL ESTATE INVESTMENT COMPANY SOCIETE ANOMYME
PASAL DEVELOPMENT presents at the Association of Greek Institutional Investors
On Friday February 15th, PASAL Development S.A. realized a presentation at the Association of Greek Institutional investors. The companys management presented the strategic objectives and development plans for 2008 as well as the consolidated annual results for 2007.
Mr. Sotiris Theodoridis, Chairman and Managing Director and Mr. Andreas Kapsalis, General Manager presented in detail, the most important project, among other projects currently under development, the Shopping Center on an 11,000 sq.m. land plot at 180 Peiraios Str., Tavros. The total area amounts to 58,000 sq.m. with 800 underground parking spaces, accommodating 80 stores and dining areas. The development cost (excluding the cost of land) is estimated at euro 35 million and it is expected to commence operations at the end of 2008 with estimated annual revenue of euro 6 million.
At the same time, the construction works for the Logistics Center in Eleysina, with a total area of 33,900 sq.m., are underway. The logistics center is expected to operate in October 2008.
According to companys investment plan, new developments for the next two-year amounting to euro 120 million are under examination in the overall Greek region, with emphasis in Athens, Thessaloniki and large regional urban centers. Particular emphasis will be given to the developing sectors of shopping centers (malls, big boxes) and retail networks (retail outlets), strategic partnerships with specialized and well established foreign and Greek real estate development groups and new markets development, particularly in the Balkan area.
Following the presentation of the projects under development, Mr. Costas Markazos, Chief Financial Officer, presented the Consolidated Annual Results for 2007.
Consolidated net earnings from continued operations increased by 20.9% compared to 2006 (8.9 million euro for 2007 compared to euro 7.4 million for 2006). On 31/12/2007, the companys investment property amounted to euro 115 million from euro 79 million on 31/12/2006, posting an increase of 45%. The Net Asset Value (NAV) before deferred taxation amounted to euro 103.8 million on 31 December 2007 thus posting an annualized increase of 43.1%, Net Asset Value per share (NAV based on the weighted average number of shares during 2007) amounts to euro 8.75.
Mr. Sotiris Theodoridis, Chairman and Managing Director and Mr. Andreas Kapsalis, General Manager presented in detail, the most important project, among other projects currently under development, the Shopping Center on an 11,000 sq.m. land plot at 180 Peiraios Str., Tavros. The total area amounts to 58,000 sq.m. with 800 underground parking spaces, accommodating 80 stores and dining areas. The development cost (excluding the cost of land) is estimated at euro 35 million and it is expected to commence operations at the end of 2008 with estimated annual revenue of euro 6 million.
At the same time, the construction works for the Logistics Center in Eleysina, with a total area of 33,900 sq.m., are underway. The logistics center is expected to operate in October 2008.
According to companys investment plan, new developments for the next two-year amounting to euro 120 million are under examination in the overall Greek region, with emphasis in Athens, Thessaloniki and large regional urban centers. Particular emphasis will be given to the developing sectors of shopping centers (malls, big boxes) and retail networks (retail outlets), strategic partnerships with specialized and well established foreign and Greek real estate development groups and new markets development, particularly in the Balkan area.
Following the presentation of the projects under development, Mr. Costas Markazos, Chief Financial Officer, presented the Consolidated Annual Results for 2007.
Consolidated net earnings from continued operations increased by 20.9% compared to 2006 (8.9 million euro for 2007 compared to euro 7.4 million for 2006). On 31/12/2007, the companys investment property amounted to euro 115 million from euro 79 million on 31/12/2006, posting an increase of 45%. The Net Asset Value (NAV) before deferred taxation amounted to euro 103.8 million on 31 December 2007 thus posting an annualized increase of 43.1%, Net Asset Value per share (NAV based on the weighted average number of shares during 2007) amounts to euro 8.75.