His financial contribution is becoming particularly valuable Recovery Fund for companies real estate, as already projects worth more than 560 million euros have secured or are about to secure loans with particularly favorable terms. It is estimated that these will amount to at least 270 million euros. Through the Recovery Fund it is possible to finance with an almost zero interest rate (0.5%) the legs of the new buildings, which are linked to the reduction of the environmental footprint and the increase of energy efficiency. Given that all new properties under development have green characteristics and will be LEED certified for this, a “lambron field of glory” is offered, so that a significant percentage of each investment will secure funds on very favorable terms.
• Demand Real Estate. The most recent move concerns the financing of the €152.22 million investment promoted by Dimand Real Estate through its subsidiary IQ Athens for the redevelopment of its former facilities Athenian Paper Mill in Botanicus. As it became known a few days ago, the project was included in the Recovery Fund, which will finance the development in the amount of 60.8 million euros. An additional amount of 45.6 million euros will be covered by Alpha Bank. In total, 70% of the financing costs will be covered through the issuance of a joint bond loan, amounting to EUR 106.44 million, financed by the Recovery Fund and Alpha Bank. On the property of the former Athens Paper Mill, the development of a complex of green office buildings is being promoted, utilizing where possible the existing properties of the old unit.
• REDS. Funds from the Recovery Fund are expected to finance both major investments currently being promoted by REDS of the Ellactor group. As the listed company reports, the development of the Cambas Project (formerly Cambas Estates) in Kantza, Pallini, and the property of the former American base in Gournes, Heraklion, Crete, will be 50% financed by loans from the Recovery Fund. This translates into a total amount of €160 million, as the total investment is expected to reach €320 million. Specifically, as REDS reports, 170 million euros will be required for the project in Kanza, which foresees the development of 88,900 square meters of buildings, on a total area of 315 acres. An additional 150 million euros will be needed for the development in Gournes.
• Noval Property. The utilization of the funds of the Recovery Fund is also important with regard to the investment program of Noval Property of the Viohalco group. The important move concerns the partial financing of the development project of The Grid office complex on the former Kodak property, located at the junction of Amarousiou-Chalandriou Street and 10-12 Heimarras Street. In a joint venture (50%-50%) with Brooklane Capital, Noval is promoting the construction of two independent six-story office buildings, with a total area of 61,000 sq.m. (superstructure and underground). The cost of this investment is estimated to exceed 50 million euros, not counting the purchase cost of the plot of 28.7 million euros.
• Premium Properties. Funds from the Recovery Fund will finance approximately 50% of Premia Properties’ €30m investment to convert the former Athens Heart shopping center on Piraeus Street (joining Hamosternas Street) into a bioclimatic office building, certified according to the standard LEED Gold. The 26,500 sq.m. building is expected to host its new headquarters AADEwith the related project expected to be completed next summer.
