BVIC Group is pleased to announce that it has signed two lease agreements for Building Complex I at Delta Falirou.

BVIC Group is pleased to announce that it has signed two lease agreements for Building Complex I at Delta Falirou. The complex consists of two buildings with a total lettable area of 9,640 sqm consisting of office and retail space, as well as 658 parking spaces. Under a BOT agreement signed in 2006, BVIC Group will lease the complex for up to 49 years. As a result the total area under management at Delta Falirou, including Building Complex II owned by the Group, is over 23,000 sqm. BVIC Group signed a 6 year lease agreement with LG Electronics, the global manufacturer of electronics products. The lease covers 2,982 sqm of office space, as well as 18 parking spaces. Furthermore, a 12 year pre-lease agreement was signed with Village Roadshow for 838 sqm of retail space. This is the third lease agreement signed with Village Roadshow, following two lease agreements for 65% of Building Complex II. These lease agreements for Building Complex I, bring the total yearly lease income for the 40% of the lettable area leased thus far, to Eur 1,176,000. The lease agreements include an annual adjustment on the basis of Greek CPI plus 100 bps, whereas the BOT expense for the Group includes an annual adjustment to Greek CPI. Aris Vovos, CEO of BVIC said: "'We are delighted with this new lease agreement with LG Electronics, as well as with our third lease agreement with Village Roadshow. We are seeing significant interest for the rest of the project, and are confident to have fully leased the property shortly. These latest lettings demonstrate the appeal of the Delta Falirou project, and support our estimation that the annual net sublease revenue for BVIC from Building Complex I will be Euro 2.4m. The completion of Building Complex I, is expected to contribute Euro 2 per share to our NAV, to be booked this quarter".


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