Premia Properties ‘sees’ the acquisition of Boutari

By George Lampiris

The judicial outcome of the reorganization process that will concern the Boutari winery will be the one that will decide the fate of the negotiations between the listed company Athens, Premia Properties AEEAP and Ioannis Boutaris and Son Winery Company, according to cross-referenced information available to him. the Capital.gr.

The two sides have entered into extensive discussions in order for the historic winery – founded in 1879 – which has been facing significant financial problems in recent years, to become the property of a real estate management company, the major shareholder of which is the Greek-Swedish businessman Elias Georgiadis.

According to the same information, the final outcome of the redemption proceedings will be judged in the courtrooms, where the consent of the creditors is required based on the procedures required by the Bankruptcy Code and Article 106b.

Premia’s lively interest in Boutari’s real estate

The focus of Premia Properties is the significant corporate real estate owned by Boutaris Winery, without the same happening with its productive activity in the wine sector.

Based on the report at our disposal, part of the debts that were recorded in Boutari’s loan portfolio were securitized under the non-performing debt portfolio, Cairo. Another part of the debts to the specific bank were transferred for management to Do Value, with the prospect of their consolidation and consequently for the purpose of returning the specific exposures to the bank.

It should be noted that Boutari Winery has from time to time considered several different possibilities in order to sell its activities and the real estate it maintains to third parties, however due to the wider problematic nature of the company in recent years this has not been possible. The last balance sheet of the company Boutaris Winery was published in 2017, where the turnover was at 10.75 million euros with a net profit of 211 thousand euros. A regular general meeting is scheduled for February 25, in order to approve the financial statements for the years 2018, 2019 and 2020, which have not been published so far.

The previous consolidation that did not “walk”

Boutaris Winery, which belongs to the Boutaris Holdings group, had previously received the approval of the creditor banks, Eurobank, Alpha Bank, National Bank and Piraeus for the consolidation of its lending. The agreement, which was also approved by the Imathia Court of First Instance, stipulated, among other things, the regulation of bank lending for a period of fifteen years and the financing of the company’s short-term liabilities with a simultaneous grace period of one year with an obligation to pay only interest. However, the non-fulfillment of specific terms of the consolidation agreement, including the sale of the subsidiary and the winery with a privately owned vineyard maintained by the Boutari group in the South of France, brought specific delays and a reduction of the initial agreement. It is noted that the total borrowing in the year of the first consolidation agreement amounted to 25 million euros.

Among the properties of Boutari Winery is the winery it maintains in Santorini, real estate in the area of ​​Nemea, the winery in Naoussa, Crete, the property in Pikermi, facilities for which Premia Properties is interested in using. It should be noted that the share of Ioannis Boutaris and Son Holding Company SA are under the status of suspension of trading on the Athens Stock Exchange from October 2, 2018.