Grivalia Properties

The drop in Greek bond yields and window dressing efforts in the approach to year-end contributed to a healthy rise in stock prices at Athinon Avenue on Wednesday, while two package transactions for Eurobank and Grivalia Properties sent trading volume soaring.

Property investment companies are expected to swing further towards the tourism sector, particularly in the city hotel domain, as was the case this week with the acquisition by listed firm Grivalia Properties of such a property in Thessaloniki.

A rise in bank stocks helped buoy the benchmark and the majority of stocks on the local bourse on Monday, but trading action continued its decline.

The Athens Exchange (ATHEX) general index closed at 843.83 points, a new 26-month high, adding 0.76 percent to Friday's 837.43 points. The large-cap FTSE-26 index expanded 0.58 percent to 2,182.42 points.

The stock market in Athens shook off the European Central Bank's statements that kept Greece's chances of entering the ECB bond-buying program remote, and took the benchmark back above the 820-point mark on Tuesday. Trading volume dropped below 50 million euros.

Apparently still in holiday mode, the Greek stock market had a mixed performance on Wednesday, with very thin trading, minor gains for the benchmark, robust growth for banks and a high number of losers - almost on a par with gainers. Traders appear reserved ahead of decisions on Greece expected from the International Monetary Fund.

The benchmark at Athinon Avenue continued to reflect the nervousness of a market held hostage to the protracted negotiations between representatives of the Greek government and the country's creditors in Brussels ahead of Friday's Eurogroup meeting, with stocks posting a small decline on Tuesday on limited turnover.

ATHEX blue chip company Grivalia Properties on Tuesday announced the issue of two common bond loans of 50 million euros and 10 million euros.

It said the 50-million-euro loan will be used for the refinancing of past and future investments, while the 10-million-euro loan will partially refinance the acquisition cost of the Arcania Business Center in Maroussi, northern Athens.

In a great open celebration next week, the Stavros Niarchos Foundation Cultural Center (SNFCC) is delivered officially to the public. A week where every day “walks, laughter, music couples and families, sports, bicycles, runners, children, thousands of visitors and smiles” as its executives promise.

Athens-listed company Grivalia Properties announced on Monday it had acquired a portfolio of 16 properties after a public tender.

It noted that 15 of the properties are retail assets and one is a land plot, adding that the total price offered for the acquisition of the portfolio was 16.3 million euros.

[Reuters]

Greek real estate company Grivalia Properties has arranged a 50 million euro ($53.41 million) credit facility with the World Bank's International Finance Corporation (IFC), the IFC said on Thursday.

Grivalia will use the long-term loan facility to improve energy efficiency in its real estate portfolio and for acquisitions.