BVIC Group announces that it has signed a closed 12 year lease agreement with the international electronics retailer Media Markt, for the leisure and retail centre under development in the area of Delta Falirou.
The lease covers approximately 3,800m² of retail space and 1,200m² of storage space, representing 28% of the lettable area of the commercial centre. The annual lease income for the first of the twelve years was set at €1,128,000.
This lease agreement is the second one between BVIC Group and the international retailer, following the agreement on the 25 May 2005 between the two Groups for the development at 49 Kifissias Avenue. This new contract demonstrates the strong relationship built between the two Groups, following the early delivery of the pre-let 6,000m² of retail space at 49 Kifissias Avenue.
The commercial complex of Delta Falirou is situated in one of the most densely populated areas of the Southern suburbs of Attiki. It is located directly across an olympic stadium and adjacent to a tram station, with easy access by public transportation. Once the complex is completed it will have a lettable area of approximately 13,600m² and 1,000 parking spaces. We would like to point out that 45% of the lettable area has already been leased to Village Roadshow, thus BVIC Group has already pre-let a total of 73% of the commercial complex, well before the completion of the project.
Aris Vovos, CEO of BVIC said:
"This new lease agreement creates additional value for the Group's project in the area of Delta Falirou, where two multinational groups Media Markt and Village Roadshow will compliment each other. BVIC Group continues in its endeavours to maximise returns on the income portfolio of the real estate assets it develops and manages. This is achieved by closing long-term closed lease agreements with blue chip corporate tenants, in line with the Group's strategy of enhancing its net asset value per share."
Source: Babis Vovos