Completion of the sale transaction of two office buildings located in Marousi

PRESS RELEASE

Completion of the sale transaction of two office buildings located in Marousi

AVAX SA (the “Company”) announces that on 29.05.2020 concluded the sale of two independent buildings located in Marousi, at 16 and 29 Amarousiou-Halandriou Street, of a total surface of 25,597sq.m. which house the Company’s headquarters for a total consideration of  €34.0 million. The above buildings were purchased by Trastor REIC, while the Company will continue using both by virtue of long-term lease agreement. Such transaction is expected to improve the Company’s balance sheet structure while it is expected to have a non-significant accounting effect on the financial results of 2020.

The Chairman of the Board of Directors of the Company, Mr. Christos Joannou, commented as follows:

“We are very satisfied with the successful completion of the sale of the two properties and the simultaneous conclusion of the long term lease agreement with Trastor REIC, a leading real estate investor, as part of our strategy of disinvestment from non-core operating activities and assets.
With such move, we do strengthen our cash liquidity, reduce our debt and focus on the core of our activities, namely construction, concessions and energy”.
At the same time, amidst particular challenges, the Company’s dynamics and footprint are expanding as, among other things, we are handing over three new stations of the Athens Metro Line 3, completing the construction of the Trans Adriatic Gas Pipeline sections from Kavala to Thessaloniki and from Thessaloniki to Kastoria and we are starting works towards the Greece-Bulgaria (IGB) gas interconnection pipeline “.

Maroussi, May 29, 2020
THE BOARD OF DIRECTORS