Briq Properties raises 10 mln euros for new deals

Briq Properties raises 10 mln euros for new deals

Real estate investment company Briq Properties, a subsidiary of IT group Quest, has issued a ten million euro bond to fund expansions plans.

The bond will be fully covered by Alpha Bank, the company said in a statement.

Real estate investment companies (REICS) in Greece have been turning to bonds to pay for property acquisitions in a rush to take advantage of cheap deals after the country's eight year economic crisis. REICS have been targeting prime assets, mostly commercial property, in Athens and other cities, in a bid to secure high profits.

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Briq Properties is aiming to keep annual yields on its portfolio above 7.5 percent and is planning investments of some 13 million euros for 2018, the company recently told shareholders.

Its portfolio at the end of March, comprised of 9 properties, including of 4 office buildings, 3 logistics buildings, one store and one mixed use building with a total leasable area of 34.681 square meters.