PREMIA REAL ESTATE INVESTMENT COMPANY SOCIETE ANOMYME
Acquisition of 37.08% of Piraeus R.E.I.C.
Pasal Development S.A. announces the acquisition of 37.08% of Piraeus R.E.I.C. share capital, listed in the Athens Stock Exchange from Sciens International Investments and Holdings S.A. The transaction regards 20,353,776 shares for the amount of euro 42.335.854 or euro 2.08 per share.
Such an investment is along Pasal's growth strategy and is completed following an extended planning and feasibility study. The acquisition was financed by long term debt and cash reserves in proportion 70/30. The funds used do not source from the recent IPO raised capital but from operating income and proceeds from property sale.
This development is expected to accelerate the investment plan and consequently the growth of the company, as it considerably enhances its position in the real estate and property development sector.
Such an investment is along Pasal's growth strategy and is completed following an extended planning and feasibility study. The acquisition was financed by long term debt and cash reserves in proportion 70/30. The funds used do not source from the recent IPO raised capital but from operating income and proceeds from property sale.
This development is expected to accelerate the investment plan and consequently the growth of the company, as it considerably enhances its position in the real estate and property development sector.