Eurobank Properties REIC announced that its Half Year 2006 profits are increased by 39.2% compared to those of Half Year 2005. Specifically, net profits for the period 1/1-30/6/2006 amounted to 12.1m Euro as opposed to 8.7m Euro for the first semester of 2005. Net realized profits (net profits minus profit from investment property revaluation) increased by 571.5% (7.2m Euro in the first semester 2006 - 1.1m Euro the first semester 2005). Income from rentals and cash management increased by 27.7% while the Company benefited from its re-organisation into a REIC since, as a result of the re-organisation, finance costs were reduced by 60.2% and income and property related taxes were decreased by 86.6%. The management of the Company anticipates a further increase in its profits as, starting from April 1st 2006, rental inflow has begun from the significant investment in the office complex of Nea Ionia. Furthermore, additional income is expected to flow in gradually during the remaining months of 2006, as works will be completed in the recently acquired properties, i.e. (a) office building in Moschato, Southern Athens; the gross leasable area of this property is 12,084 sqm and its market value is 10.2m Euro; (b) three independent buildings of office and conference centre use and a number of car park spaces that are situated within a building complex in Nea Ionia, Attica; the total gross leasable area of the properties is 12,219 sqm and their market value in their current condition is estimated at 27.35 million Euro. It must be stressed that the Company has managed to absorb approximately half the proceeds from the IPO within three months. At the same time, negotiations for various projects related to the use of the remaining IPO proceeds continue. It is noted that the company's investment strategy for future growth focuses on the acquisition of office, retail, logistics and industrial spaces in prime locations, taking into consideration the prevailing market conditions.