BriQ enhanced presence in Aspropyrgos area in 2020
The total reduction on Group's revenues of 2020 from rents due to the Covid-19 pandemic amounted to € 954.000.
BriQ Properties R.E.I.C. announced that according to the consolidated financial statements for the year 2020, the rental income of the Group amounted to € 3.681 thousand compared to € 2.928 thousand for 2019, recording an increase of 25,7%.
The increase was mainly driven by the incorporation of revenue from new investments.
During the year 2020, BriQ implemented investments of € 41.242 thousand and specifically acquired 4 new properties for € 10.033 thousand, two properties through the acquisition of subsidiaries for € 27.425 thousand, while implemented capital expenditures of € 3.784 thousand, mainly related to construction of a warehouse and distribution building of 20.764 sq.m. in Aspropyrgos, Attica.
On December 31st, 2020, Group's portfolio consisted of 28 properties, two of which belong to subsidiaries, with total value of € 106.001 thousand compared to 22 properties with total value of €59.793 thousand on 31.12.2019, recording an increase of 77,3%.
The total reduction on Group's revenues of 2020 from rents due to the Covid-19 pandemic amounted to € 954 thousand, an amount that corresponds to approximately 20% of the expected revenues of the year 2020.
Cash and cash equivalents on December 31, amounted to € 2.067 thousand compared to € 37.568 thousand on December 31, 2019 which included a part of the raised funds of the share capital increase of € 50.071 thousand, which took place on December 20, 2019.
As of December 31, 2020, the Group's loan obligations amounted to € 18.313 thousand compared to €12.412 thousand as of December 31, 2019.
Ms. Anna Apostolidou, CEO of the Company, stated that “The results of 2020 were significantly affected by the spread of the COVID-19 coronavirus pandemic in the Greek and global economy.
Despite the difficult situation, BriQ Properties managed to invest 100% of the capital of the share capital increase within 12 months in properties with high returns over 7,0%.
It also managed to increase its presence in logistics market by making a dynamic entry into the logistics real estate region of Aspropyrgos.
As a result of this strategic move, 43% of the value of the Group's investments on 31.12.2020 was in warehouse and distribution properties.
The Company will continue its investment program using available loan funds to increase the return on equity of its shareholders. "