BVIC sets new schedule for the repayment of its loan for Votanikos mall (GR)

Babis Vovos - International Construction (BVIC) announces that it has entered into negotiations with the syndicate banks, Alpha and Piraeus Bank, that have financed the Votanikos project in Athens, Greece, to the amount of €125 million, to set a new schedule for the repayment of the loan, based on the course of the hearing of the Council of State.

The two banks from the very beginning expressed their faith in the realization of this very important project. This is proven by the fact that so far the amount disbursed has covered almost entirely both the cost of land acquisition and construction works to date.

In addition, a draft contract has been drawn up in order to be signed by the above mentioned banks and the company to finance the remaining development cost, amounting to €110 million, as soon as the continuation of the project is allowed.

Given the importance of the Votanikos - Alexandras Avenue Joint Redevelopment the company hopes that the decision of the Court will be swift and will allow the continuation of the project.

The development process of the other projects of the company and more specifically the two tourist resorts in Sounio and Poros, with a total market value of more than €120 million, the two office buildings on Kifissias Ave., with a market value of more than €30 million as well as the two new residential projects in Nea Erythrea with a total value of €28 million, is continuing normally.

Furthermore, the company, having received client interest in purchasing and leasing office space exceeding 50,000 m², is in negotiations to buy land that will provide the opportunity for the construction of equivalent buildings.

The company has an investment property portfolio of constructed buildings with a total net market value of €634 million after the deduction of finance lease obligations, according to the Colliers valuation dated 30/06/2008, leased with guaranteed long-term lease contracts to leading national and multinational corporations.

Source: BVIC

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