As disclosed by the listed company in a stock exchange announcement, its wholly-owned subsidiary, Bright Sky Properties S.A., has completed the sale of its property located on Metsovou Street in central Athens for a net amount of €3.02 million, following brokerage fees.
The property was originally acquired in 2022 for €2.15 million, which included acquisition costs, taxes, brokerage, and notarial fees.
Key highlights of the transaction are as follows:
The offered sale price is deemed satisfactory, significantly exceeding the acquisition cost within a short holding period of just three years.
Proceeds from the sale will substantially enhance the subsidiary’s liquidity position, providing necessary capital to pursue additional property acquisitions, should attractive investment opportunities arise.
The transaction will realize a significant capital gain of approximately €1 million, based on the property’s net book value as of December 31, 2024. This gain will be recognized in the subsidiary’s financial statements and is expected to positively impact the financial results of both the subsidiary and the Group for the 2025 fiscal year.
The internal rate of return (IRR), which incorporates rental income received, was calculated at an impressive 19%.
Furthermore, the company announces that, as of late May, flexible workspace operations have commenced at the subsidiary’s property in Kallithea, Attica, in partnership with IWG Plc. This workspace is managed by a 50% owned subsidiary of Bright Sky Properties S.A., operating under the name “Special Purpose Vehicle Theseos 328-330 S.A.”
