Institutional Framework

The Company is a Real Estate Investment Company (REIC) and operates under the provisions of Articles 40–60 of Law 5193/2025, as well as the provisions of Law 4548/2018 on the “Reform of the Law on Sociétés Anonymes”, Law 4706/2020 on “Corporate Governance of Sociétés Anonymes” and Law 4209/2013 on “Alternative Investment Fund Managers”, as in force.
It is active in Real Estate Investments, deposits, and money market instruments, as this activity constitutes its exclusive purpose under Article 46 of Law 5193/2025, as amended. The exercise of any other activity—either as a primary or secondary purpose—is not permitted, except for carrying out necessary acts for the exploitation of its assets, in accordance with paragraph 7 of Article 41 of Law 5193/2025, which constitute part of its portfolio.

The Company is supervised by the Hellenic Capital Market Commission (HCMC), which granted it its operating license No. 5/266/14.03.2003.
Furthermore, by decision No. 740/26.11.2015 of the Board of Directors of the HCMC, the Company was granted a license to operate as an internally managed Alternative Investment Fund (AIF), pursuant to paragraph 1(b) of Article 5 of Law 4209/2013.

The Company’s regulatory framework is further supplemented by stock market legislation and the corporate governance policies applicable to listed companies, as well as the regulatory provisions issued by supervisory authorities.

Greek REIC requirements

Investments in Real Estate

• At least 70% of the REIC Group’s assets must be invested in real estate and/or in rights, shares or units in real estate, i.e., in investments included in paragraph 1 of Article 46 of Law 5193/2025.
• The REIC may also invest in finance lease rights, surface rights, acquisition claims based on pre-contracts, and in shares of companies with the purpose of investing in real estate, under the terms and conditions of Law 5193/2025.
• Capital expenditures (capex) for the development of real estate assets shall not exceed 40% of the total investments of the REIC Group in real estate.
• The value of each property, at the time of acquisition or completion, may not exceed 1/3 of the total value of the REIC Group’s real estate investments.

Profit Distribution / Borrowing

• The REIC is obliged to distribute annually to its shareholders at least 50% of its annual net distributable profits.
• Gains from the sale of properties (capital gains) may be excluded from distribution or partially distributed.
• Borrowing and the granting of credit to the REIC by credit institutions is allowed for amounts not exceeding 75% of its assets, for both the acquisition and the exploitation of the properties in which the company’s funds have been invested.

Special Provisions

• The minimum share capital of the REIC is €40,000,000 and may consist of contributions in:
  • Cash
  • Real Estate
  • Money Market Instruments
  • Shares in Société Anonymes with the sole purpose of acquiring, managing, and exploiting real estate
• REIC shares must be registered.
• Any amendment to the Articles of Association, as well as any increase in the share capital, requires prior approval by the Hellenic Capital Market Commission.
• The valuation of the REIC’s investments is carried out semi-annually by an independent valuer appointed by the Annual General Meeting of the Company, along with the statutory auditor.
  The semi-annual investment statement is audited by a certified auditor or audit firm (under Law 4449/2017) and is submitted to the HCMC and published on the Company’s and stock exchange websites where its shares are listed.
• The REIC is headquartered in Greece.

Greek REIC’s Tax Regime