PASAL Development S.A. announces the completion of the sale of 2 investment properties to Eurobank Properties S.A. for approximately euro 16 million. The first property, located on 69 Kifissias Avenue, was developed by Pasal between 2005 and 2007 and accommodates the show room of SATO S.A. The second property is located on 42 Kifissias Avenue and accommodates 2 stores of the home furniture chains, Bo Concept and La Maison Coloniale.
The capital gains from the sale reached approximately euro 800 thousand (selling price minus the latest valuation) for the fiscal year 2008, whereas the realized gains (selling price minus development cost) reached euro 6.9 million.
Following the repayment of euro 2.6 million in loans related to the afore mentioned properties, the remaining revenue of euro 13.4 million will be used to support the company's investment plan added to the working capital that resulted from the recent share capital increase.(IPO)
The Management of PASAL Development S.A. states that it will be consistent with the company's strategy in developing commercial properties and selling them at their maturity stage. Special emphasis shall be given to the promising sectors of shopping centers and retail chains.