A mark… on the revenues of Blue Cedars of the Eumorphidis family, the “sealing” of the top two floors of the Cocomat hotel at 5 Falirou Street in the Acropolis area, as can be seen from the company’s financial statements for the first half of 2024.
In particular, the turnover of the group decreased by 71,515 euros or by 2.15% and amounted to € 3,246,747 compared to € 3,318,262 compared to the first half of 2023. A decrease which according to the company is attributed to the modification of the lease of the property at Faliro Street 5 in Athens where the Cocomat hotel is housed.
The modification of the contract of the Cocomat hotel
The contract amendment revising the lease was approved by the Blue Cedars board of directors on September 27. “With the modification of the lease agreement, a new reasonable rent was agreed for the property, which corresponds to its rental value,” as stated in the financial statements.
According to the company’s announcement to GEMI, the rent adjustment was locked in the amount of 110,000 euros per month, retroactively from April 1, 2024. The board of directors of Blé Kedros reached this decision after an evaluation report by an independent certified public accountant.
As regards the group’s profits from revaluation of investments to their fair value during the first half of 2024 they amounted to €1,316,273, compared to a profit of €2,762,878 in the corresponding period of 2023 (Difference €1,446,605).
This change, according to what is mentioned in the financial statements, reflects the slowing upward trend in real estate prices in recent years due to the overall improvement of the economic and investment climate in the country.
It is noted that the entire turnover of Ble Kedros concerns rental income.
The arbitrary floors
It is recalled that the Ministry of Tourism proceeded on March 29 to seal the top floors of the hotel at 5 Falirou Street which are above 24 meters, following a decision by the Three-Member Compliance Council of the Council of State, with which they were deemed arbitrary.
The supreme court also decided on their demolition and commissioned the Decentralized Administration of Attica to proceed with the project.
The 5-star hotel in Monemvasia
In the meantime, the remaining investment projects of Ble Kedros in various regions of Greece are in full development.
Specifically, on April 2, 2024, the XIFIAS REAL ESTATE subsidiary received building permit number 1008181 for the construction of a 5-star hotel in the “Xifias” location of the Municipality of Monemvasia. The company has started the construction of the project which is expected to be completed in 24 months.
The bond loan from Optima Bank
In addition, on 09/27/2024 the company signed a Bond Loan agreement with Optima Bank for the financing of the project at Faliro 22-22b and Dimitrakopoulos 21-25 in Athens.
The investment plan concerns the creation of a new business establishment with environmentally friendly operations in order to be operated by third parties as a four-star hotel.
The development that is requested to be implemented is of a total amount of € 16,678 thousand, while the duration of the loan will be 15 years.
The investment plan will be financed by 45% from the Recovery and Resilience Fund (RAF), 35% from bank loans and 20% from equity participation.
Future view from the project at Faliro 22-22B and Dimitrakopoulou 21-23-25 in Koukaki
It is recalled that on June 2, 2023, the company received a building permit for the reconstruction of a vehicle station (22 Falirou Street, Athens) into a hotel with a capacity of 113 rooms.
The company has started the reconstruction work since the previous year which is being carried out smoothly.
The completion time of the project is estimated at 24 months, while its total budget is estimated at 16.7 million euros.
Businesses in Thessaloniki
Also on August 6, 2024, it proceeded to sign a long-term lease of two properties, for a period of 50 years.
The first property is located at 8 Zeuxidos Street, in Thessaloniki, with a total plot area of 289.04 sq.m. within which a multi-storey building of 8 floors has been erected with a roof of a total area of approximately 2,032 sq.m.
The second property is located at 17 Mavrommataion Street, in Athens, with a total plot area of 592.07 sq.m., within which a 6-storey building with a roof of approximately 2,648 sq.m. has been erected.
The company is in the process of preparing and maturing studies for the further utilization of the properties.
The investment portfolio of Blue Cedars in the first half included 36 properties, with a total fair value of € 121,031,178, of which 23 are leased and 8 plots/plots.
Source OT
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