Briq Properties targets yields above 7.5% in 2018

Briq Properties targets yields above 7.5% in 2018

Real estate investment company Briq Properties will aim to keep annnual yields on its portfolio above 7.5 percent, its president Theodoros Fessas told shareholders on Friday.

The company, a subsidiary of IT group Quest, announced that it will move ahead with investments of some 13 million euros in 2018 after having secured finance of 10 millionn euros from Alpha Bank.

"Real estate right now has a fair bit of interest. The trends in the market are mixed, given that there are older properties which can be bought at low prices. It is better for someone to buy a ready building rather than a plot of land and build on it from scratch," said Plessas.

The assets Briq Properties is mostly targetting right now are logistics and office space, according to chief executive Anna Apostolidou. Currently, Briq owns nine properties, with most of them rented by the Quest group.

Shareholders approved a 0.035 euros per share dividend for 2017. The stock will trade ex dividend on Tuesday.