Participation of Autohellas in the share capital of Trade Estates REIC.
Fourlis Holdings SA and Autohellas SA hereby announce jointly the signing of an agreement for the sale of shares of Trade Estates REIC to Autohellas SA. Simultaneously, Autohellas SA is granted the right to participate in the share capital increase of Trade Estates REIC, through contribution in kind. More specifically, the structure of the agreement is as follows:
1. Trade Logistics SA, a subsidiary of the Fourlis Group, will sell to Autohellas SA 7.035.000 shares of Trade Estates REIC for a cash consideration of 15.000.226,65 euros.
2. Simultaneously, Autohellas SA is granted the right to participate in the share capital increase of Trade Estates REIC, through contribution in kind of a commercial property until 31.12.2022. In case the option is exercised by Autohellas SA, Trade Estates REIC will proceed with a share capital increase by the issuance of new shares, so as for the total amount of the increase (nominal and shares at premium) to be 8.000.000 euros approximately. The share capital increase will be exclusively covered by Autohellas SA, following by law approval of the Capital Market Commission, by contributing in kind, and specifically with a commercial land 45.408,04 sq. m. with buildings, located in the Business Park in Vamvakias area, region of Elefsina, where Trade Estates REIC will develop a contemporary Logistics center.
Following the completion of the steps mentioned above, Autohellas SA will own approximately 12.0% of Trade Estates REIC share capital, while the rest will be owned by Fourlis Group and its subsidiaries.
Furthermore, Autohellas SA, based on the agreement, will have the preferred right to develop jointly with Trade Estates REIC, mobility programs (e.g. Rent-a-Car, car-sharing, van-sharing, car-charging) at Trade Estates REIC facilities.
The agreement is a strategically important partnership for both parties.
Mr. Vasileios Fourlis, Executive Chairman of Fourlis Holdings SA, stated: “Autohellas SA participation is of strategic importance for Trade Estates REIC, especially in view of the Initial Public Offering and the listing of the latter in the Athens Stock Exchange market. Additionally, Autohellas SA expertise in various sectors, will contribute to value creation for the commercial parks that are or will be part of Trade Estates REIC portfolio. Finally, the commercial property that Autohellas SA will potentially contribute, will further strengthen Trade Estates REIC portfolio, that nowadays reaches 300 mil. euros Gross asset value”.
At the same time, Mr. Eftichios Vassilakis, Managing Director of Autohellas SA, stated: “We are investing in a company with an outstanding history, expertise and momentum in real estate development. At the same time however, we are able to develop important synergies in projects that with the gradual transition to new technologies and especially to electric mobility, will be able to offer innovative solutions and services to our common customers, as well as additional growth opportunities for both companies”.
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales.
She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.
