Source: Published, Group Financial Results and Management Information
2023 Highlights
ICI MERGER AGREEMENT (signed in February 2023)
Increase in Revenues by 14% to € 9,1 m from € 8,0 m last year
Increase in EBITDA (adj.*) by 19% to € 6,9 m from € 5,8 m last year (margin improved to 76,0% from 72,5%)
Increase in NAV by 10,6 % to € 108,6 m from € 98,2 m last year (NAV/share € 3,07 from € 2,78)
Net Profit (adj.*) stable at € 4,7 m from € 4,6 m last year despite the large increase in interest cost and tax
Efficient cashflow management : capex of € 5,5 m financed 55% through cashflow
Arrangement of RRF financing for the construction of a new LEED-Gold office building (42 Poseidonos Ave, Kallithea) with a fixed interest rate of 0,35% for 50% of the total investment (est.€ 6,0 m)
Dividend Distribution of € 3,7 m (€ 0,1046 per share, net) on 05 May 2023 providing a dividend yield of 5,3% (on record date)
Source: Published, Group Financial Results and Management Information
5
02 Major Developments
6
Merger Phase A
Completion of Phase Α' of the merger at 31.01.2024:
16 properties purchased from ICI for € 56,6 m
Pre-contractsigned for the 17th property for € 4,0 m
17 properties include 12 retail units, 3 office and mixed-use properties, 2 special use properties
14 properties leased to Alpha Bank
Purchased at 30.06.2022 valuation prices
Χωρίς κέρδη /ζημίες από αναπροσαρμογή αξίας ακινήτων
100% financed by debt
Gross Yield 10,6% on acquisition cost
Additional € 6,1 m annualized revenues from 16 ICI's properties, est. +65% in annualized BriQ revenue of € 9,2 m (as at 01.01.2024)
7
Property Evolution after purchase of ICI's 16 properties
(Amounts in € million)
+40 % increase in GAV
250
209
57
200
3
149
150
100
50
0
GAV 31.12.2023
Other Capex
ICI's 16
GAV 31.03.2024
RE Portfolio Value 31.03.2024
Special Use
3%
Hotel
Logistics15%
37%
Bank branch
4%
Super market
€ 209 Μ
4%
Retail
16%
Office
21%
8
03 Investment Properties
9
Portfolio's Top 10 Assets
Asset
Address
Valuation as 31.12.2023
Aspropyrgos Logistics
€ 36,1 m (as
Center
completed)
Sarmed Warehouses
€ 33,5 m
SA
25ης Αυγούστου 66,
€ 13,2 m
Iraklion Crete
Marathonos Str. 4,
€ 8,4 m
Pikermi
Plaza Hotel Skiathos
€ 8,2 m
Asset
Address
Valuation as 31.12.2023
Gennadiou 4, Athens
€ 7,2 m
The Modernist Hotel
Al. Pantou 25,
€ 7,2 m
Kallithea
Aiolou 67, Athens
€ 7,0 m
Al Pantou 19-23,
€ 6,9 m
Athens
Mr&Mrs White Paros
€ 6,3 m
10
Attachments
Original Link
Original Document
Permalink
Disclaimer
BriQ Properties REIC published this content on
30 April 2024 and is solely responsible for the information contained therein. Distributed by
Public, unedited and unaltered, on
30 April 2024 13:04:12 UTC.
BriQ Properties REIC is a Greece-based real estate investment company. The Company's business is mainly focused on the acquisition and management of commercial properties, such as office, retail and logistics, located in Athens, Greece. BriQ Properties REIC owns more than six properties, as the successor of Quest Holdings SA and Unisystems SA that contributed these properties at the Company's establishment. Its portfolio includes: a commercial office building leased to Unisystems SA; commercial office buildings leased to Quest Group companies; a commercial office building leased to iSquare SA; a logistics building leased to Quest Group companies; a logistics building leased to Info Quest Technologies SA, as well as a logistics building leased to Unisystems SA.
BRIQ PROPERTIES REAL ESTATE INVESTMENT COMPANY 
