ICI books 50 pct profit from apartments bought seven months ago

ICI books 50 pct profit from 2 apartments bought seven months

Real estate investment company Intercontinental International (ICI) said on Wednesday it sold two apartments in central Athens for 575,000 euros, booking a profit of more than 50 percent from an investment made seven months ago.

The apartments have a total area of 223.80 square meters and are located on the 4th and 5th floor of a multi-storey building on 4 Pindarou Street (Municipality of Athens), ICI said in a statement.

“This action is part of our strategy for active management of our portfolio. The decision was based purely on financial criteria, as the IRR of the investment exceeded 50%,” said chief executive Marios Apostolinas.