EKTER S.A. proceeded to purchase a 1,276.34 m2 plot of land of a built-surface ratio equal to 3 in the area of Neon Faliron, Piraeus, at “Mnimeio Karaiskaki”, 13 Veikou Str., of a total price of €2,800,000.00.
The plot is complete and buildable and has been examined by the Ephorate of Antiquities without any findings, and approval has been given by the Ephorate of More Recent Monuments for the demolition of existing buildings.
The company intends to use the plot to construct a residential complex comprising about forty houses of a total estimated budget of € 7,350,000.00.
For the above investment, EKTER S.A. signed a fully amortized loan agreement with Piraeus Bank S.A. amounting to € 4,920,000.00. Based on the agreement, the company collected € 2,240,000.00 on 3 October 2006. The rest of the loan amount, namely € 2,680,000, will be collected depending on the progress of works in the above construction.
The principal of the loan will be paid in thirteen (13) equal, successive quarterly installments. The first installment will be paid on 3 October 2008 and the loan will have been fully paid by 2011.