untitled design

Which is the Blue Cedar of the Eumorphides brothers that enters the Stock Exchange

Of George Lampiris

On June 14, the trading of the shares of the real estate management company, Blue Kedros AEEAP, of the brothers Pavlos and Michalis Eumorphides, better known since the founding of the company of mattresses and sleep products, Coco-Mat, begins.

Then on June 6, 7 and 8 the public offer will take place and on the 9th the announcement of its results.

The approval of the Blue Cedar newsletter was made with a private placement and the sale of 8.6% of the company’s own shares with the participation of two businessmen from Greece and one businessman from Germany.

The share capital increase is imminent by 16.8 million euros from an upcoming capital increase, an amount that will allow the implementation of the company’s investment plan, with a budget of about 4 million euros for 2022 and 7 million euros for 2023 with zero leverage. .

The beginning of Coco-Mat and the philosophy of acquiring all real estate

The Eumorphides family started their business in 1989 with Coco-Mat. At the same time she started dealing with real estate. The first money earned by brothers Pavlos and Michalis Eumorphides from Coco-Mat, they invested to buy their first store, following the strategy that all their retail stores would henceforth be privately owned.

In 2014, the real estate branch of Coco-Mat was split and Blue Cedar was created. At the same time, Coco-Mat introduced to the new company the properties it had acquired since 1989.

“We became a purely real estate company, because we saw that the real estate sector in Greece was extremely degraded and at the same time that it hides great opportunities. Then we invested in the real estate of Athens. It was a time marked by concern for the future and instability.

From 2014 to 2017 we were placed in the real estate of Athens. In 2017, we were licensed as AEEAP “, said one of the main shareholders of Blue Cedar, Michalis Eumorphides, in the context of a relevant presentation on the occasion of the listing on the Athens Stock Exchange.

In 2017, Blue Cedar was licensed with 23 properties worth 33 million euros with then rental income of 1.7 million euros. Five years later, it maintains in its portfolio 34 properties worth 101 million euros and annual revenues of 6.1 million euros.

“We made this course, being indebted”, said Michalis Eumorphides. “We aspire to continue this course and this includes the increase of our share capital”, he added.

Distribution of 65% in dividend over a period of five years

AEEAP has committed to distribute 65% of profits in dividends for the next five years. We remind you that the obligation arising from the law speaks of distribution of at least 50% of the profits.

Currently, the structure of its portfolio is divided into 10 commercial properties (stores) with tenant Coco-Mat, 2 offices, 2 industrial buildings, 3 residential properties, 100 acres of land for development and 6 hotel properties that make up 57% of the value of the portfolio and generate 67% of its revenue.

At 25 million euros the valuation for its most expensive property

The most expensive and largest asset of the company is the Coco-Mat Hotel on Faliro Street with a valuation price of 25 million euros and immediately after follows the Coco-Mat Hotel Athens with a valuation value of 14 million euros, which is located on Patriarchou Ioakeim Street in Kolonaki.

In terms of leases, real estate lease contracts are closed twelve-year leases for the entire portfolio without exception and are subject to annual adjustment based on the consumer price index.

Investments in two new tourism projects in Koukaki and Monemvasia

The Blue Cedar plan includes the implementation of two tourist investments in Koukaki with a new Coco-Mat Hotel and in Monemvasia with the creation of a model settlement and a five-star hotel.

More specifically, a new investment is imminent in a hotel at 22 Falirou Street – it acquired it through an auction – with 117 rooms. It will be four star, which today has a garage use and is probably the largest plot south of the Acropolis.

The next project to be implemented is in Monemvasia, where the Eumorphides family comes from. It is a mixed use project with 59 houses as well as a five star hotel with 33 suites. The houses will have a total built-up area of ​​10,000 sq.m. and the hotel will have an area of ​​1,700 sq.m.

These houses will be a model settlement with 14 neighborhoods and an ambition to have a zero carbon footprint. The licensing process is expected to be completed by early autumn.

As for the funds raised of 16.68 million euros that will result from the raising of capital, 6 million euros will be allocated to Koukaki, 7 million euros to Monemvasia and an amount of 1.6 million euros per capital traffic.

The Blue Cedar AEEAP in numbers

34 properties

€ 100.8 million portfolio value

6.1 million annual revenue

Profit after taxes: 20 million euros

Loan to value: 3.4%

Yield of leased real estate: 7.4%

Area of ​​buildings: 37,200 sq.m.

Plot area: 97 acres

Source: Capital

You may also like

Get the latest

Stay Informed: Get the Latest Updates and Insights

 

Most popular