Horizontal ownerships are based on individual floors, or parts thereof, that are owned directly by BVIC, within buildings developed by the Group, corresponding to a percentage ownership of the land and car parking spaces. 

Prior to 2001, BVIC would sell the properties it developed to third party investors, retaining only some horizontal ownership. This has changed, as the Group’s financing has evolved and the Greek office real estate market has matured, so that BVIC now constructs large-scale projects financed via the sale and leaseback method, and secures lease agreements for a minimum of 10 year with blue chip tenants. 

Accordingly, the Group’s long-term strategy is not to focus on this asset class. Of the assets included in the horizontal ownership category, 87% are in large office complexes situated on Kifissias Avenue. Kifissias Avenue is one of the major arterial road in Athens, a prime retail and office avenue that connects central Athens with the Northern suburbs. 

In 2004, there were two additions to BVIC’s horizontal ownership properties. The first was a retail shop and parking spaces at 14 Kifissias Avenue, a 2,316 sqm office building completed during the year by BVIC and sold to private investors. Secondly, the hotel on Galatas-Poros, was included in our horizontal ownership, following a pre-sale agreement signed in 2004.

This property category contributed EUR 3mm in rental income in 2004, and had a 1%  vacancy rate for the total lettable space.

Property Address	Description	Tenants	Area m	Parking Spaces
10 – 12 Kifissias Ave.	Office space, storage space and retail	Antenna 1, Intestra Spot	3,184	136
32 Kifissias Ave.	Office space, storage space	Coca Cola and Vodafone	2,038	-
64 Kifissias Ave.	Storage space, retail shop	Vodafone, Stet Hellas, Scoplife	749	47
Mauromixali & Apollonos Str., N Erithrea	Residential	Private Individuals	716	-
60 Kifissias Aven.	Office space and storage space	Coca Cola, Consolidated Contractors Company	616	-
56 Kifissias Ave.	Storage space	Microsoft, Vodafone, Opel	550	89
4 Vasilis Sofias Ave.	Residential	Private Individuals	469	-
44 Kifissias Ave.	Retail shop, storage space	Cosmote and SIemens	443	16
3 Premetis Str.	Retail shop, storage space	Sun Microsystem, Flash and Zografakis	141	22
14 Kifissias Ave.	Retail shop	Vacant	108	18
62 Kifissias Ave.	Retail shop	Coca Cola, Aspis, Opel and Cosmote	50	69
340 Kifissias Ave.	Retail shop	Vacant	28	155
24 Kifissias Ave. & Aigialeias Str.	Parking	Coca Cola, Marfin Bank and BP	–	244
Acadimias & H. Trikoupi Str.	Parking	Private Individuals	–	17
7 Kifissias Ave.	Parking	General Secretary of Sports		1
Poros	Hotel		3,800
Total			12,891	659