A subsidiary of Easternmed Real Estate Capital Plc has proceeded with the acquisition of a property in Switzerland through a deal expected to enhance the group’s profitability.
Specifically, as announced on the Cyprus Stock Exchange (CSE), Intertime Holdings Ltd, a subsidiary of Easternmed Real Estate Capital Plc, acquired a property on 29 July, located at 47 Seestrasse, 3602 Thun, Switzerland.
The purchase price was CHF 27.5 million (roughly €29.5m), excluding notary fees, value-added tax, and other acquisition-related costs. The payment was made entirely in cash via bank transfer.
The property was acquired by Intertime Holdings Ltd at its market value, following the submission of a relevant offer. The transaction did not generate any capital gain, profit, or loss for the company.
According to the announcement, the seller of the property was Artisa Micro Living SA.
The funds for the transaction were provided to Easternmed Real Estate Capital Plc by its shareholders: Athanasios Martinos, Marina Martinou, and Marina Matthildi Martinou. Easternmed Real Estate Capital Plc then transferred the funds to the sellers on behalf of Intertime Holdings Ltd, which now owns the property.
It is clarified that the amount contributed by shareholders does not bear any interest and is expected to be capitalised by the end of the year.
The transaction was carried out on a purely commercial basis. Like the group’s other real estate investments, this purchase is expected to generate monthly rental income and increase the group’s profitability.
About Easternmed
Easternmed Real Estate Capital Plc was incorporated in Cyprus on February 14, 2019, as a Public Limited Company (PLC), and is listed on the CSE, under the “Emerging Companies Market”.
The company’s core activity is real estate investment.
It is the sole shareholder of other Cypriot holding companies that own commercial real estate, primarily in the office sector in the United Kingdom and Switzerland, with a focus on long-term rental income and capital appreciation.
The group’s revenues mainly consist of rent and other income collected from its leased properties.
(Source: InBusinessNews)
