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Intrakat participates in Athens and Ellinikon’s construction transformation

Do you recall the recent years when Greece was considered the black sheep of Europe? The time Greece flirted with Grexit and its best minds fled the country? Well, all this is in the past. In the last 4-5 years the country has been in the midst of an unprecedented construction boom; small and large projects, public and private, are literally transforming the face of Greece to such an extent that if someone had left 15 years ago, it would be hard to recognise several of its parts.

A key development drive for the country is the “Greece 2.0” plan, the government’s reform plan funded by the RRF, aimed to wrap up by 2026. Greece’s part is set to €31 billion, the largest amount secured by an EU country in relation to its GDP. This amount will change the face of the country, with an emphasis on green growth, digital transition, competitiveness of the economy and, of course, infrastructure. Grants amounting to €7.96 billion will be directed to projects directly related to Construction, mobilising total resources of €13.3 billion, together with the relevant leverage.

The country’s new face is not only found in its popular tourist destinations or in its modern airports. A construction “big bang” is taking place mainly in Greece’s capital: Athens is developing into a pole of attraction for large investments with its main driver being its coastal front: the Athenian Riviera stretches for a length of 70 kilometers, from Faliro to Sounio and several players, domestic and foreigners wish to be placed either in hotel investments, in luxury tourist infrastructures, or of course in luxury housing markets. Athens’ seafront is rapidly changing with investments in the tens of billions, creating a high-quality destination that puts the city on the map of luxury destinations, next to Barcelona, ​​Madrid, Rome or even Paris. The purchasing interest of investors does not focus only on the natural beauty or the climate of the country; it mainly concerns margins of significant returns and capital gains that a future sale of these properties hides, for those who treat this type of real estate as an investment product.

The country’s greatest urban regeneration project is of course Ellinikon, poised to become a new modern landmark in Greece’s capital city. The project is located in the old Athens airport area, part of an extensive development of around 6,2km2. Developed by Lamda Development, it is considered the biggest greenfield urban infrastructure investment in Europe, the largest privately-funded investment to be carried out in Greece, budgeted at around €8 billion and set to create more than 75,000 jobs. When completed, it will seem as a “city within a city”, home to hotels, shopping arcades, schools, healthcare centers, office space, sports facilities, a massive, two-milliopn square-meter outdoor space known as Ellinikon Park , and an estimated 10,000 residential units. Five high-rise buildings are planned, with the luxurious Riviera Tower set to rise 200 meters above sea level. Designed by Foster+Partners as architects, it will be the tallest building in Greece and the tallest green beachfront high-rise building in the Mediterranean. The Project will consist of a high-end residential tower of 50 floors, comprising of 169 residential units reaching 204.2m high (from sea level).

A consortium of “Bouygues Batiment International”, a French construction company that has been specialising in complex building projects for almost 50 years, and “INTRAKAT”, a construction company (one of Greece’s biggest groups with presence in SE Europe), involved in large scale construction projects, including civil engineering, infrastructure, telecom networks, renewable energy, environmental and real estate development projects, has been selected as a consultant for Riviera Tower. As the company’s Vice President and CEO Alexandros Eksarchou puts it,“the challenge for big construction companies is not only to undertake new projects, but to enter into a new era with state-of-the-art technology and environmental friendly construction materials”. The collaboration started in July 2021, with the digital presentation of the project, following the commissioning of early works by Lamda Development. Discussions are currently underway for the co-formation of the final construction studies and execution.

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Building & Construction Energy & Environment Finance Stock Market News World

Intrakat’s successful €100 million share capital increase

Intrakat’s vice-president and managing director talks to Vima about the next day for the group, following its successful €100 million share capital increase. He announces acquisitions, dynamic activities in renewable energy and does not neglect to mention large projects such as the concession of the Attica Road.

Mr. Exarchou also emphasizes the excellent relationship that exists among Intrakat’s main shareholders, noting that “it is the strongest card for the company’s course”.

Mr. Exarchou, you took the helm of Intrakat at a difficult time for the construction company. What was the (listed) company’s image when Winex went public?

  • “Intrakat has always been a company with significant growth potential and great know-how and experience in the construction industry. Our decision to invest was based on the company’s track record and the prospects we saw for it with the right strategy and support. Indeed, when we joined the company as a major shareholder, it was a period where Intrakat was falling short of its targets and its operating results had been compressed. Let’s not forget that the significant price increases in raw materials and energy, as well as, the cost of accelerating projects that had been delayed during the pandemic, affected the group’s results, as well as the industry in general. As a new shareholder and new management, we made a quick decision and swiftly implemented a comprehensive operational and management restructuring plan, which unlocked the value that the company had inside and gave it the breath, support and strategic direction it needed, in order to advance dynamically”.

The increase of 100 million euros in the share capital was successfully completed, since it was approved by the General Assembly of Shareholders. Where will the raised funds be allocated?

  • “We are particularly satisfied with the successful increase of the share capital by 100 million euros and for the trust and support of our shareholders. We carried out one of the largest IPOs that have been done in recent years and not only in this particular industry, and I warmly thank -once again- all the shareholders who participated in our development plan. We are building a new Intrakat, which is extroverted in its investments and competitive in modern terms in all areas of its activity. We want to build a strong foundation at Intrakat, and that’s what we’re doing now, relying on our own engineers (we’re already hiring), our own machinery and know-how, and less on subcontractors, which are certainly important, but they have to play a supporting role. The relationship among the shareholders is an essential component of the company’s progress and it is certainly one of Intrakat’s strengths – the excellent relations between the main shareholders. As the new main shareholder and new management, we have envisioned Intrakat as a leading group in SE Europe and this is the strategic goal that we support and serve. Now, following the share capital increase, the company has more than 140 million in equity and proportionately very little debt, which allows it to access financing, should it be required, in order to participate in large infrastructure development projects. Very soon you will hear from us on the acquisition front, as we evaluate investment opportunities in construction – infrastructure, in RES, in PPPs and concessions, but also in the sectors of waste management and real estate, which we have entered dynamically. Of the 100 million euros of the increase, we estimate that 50 million will be invested in acquisitions, while the rest will be used as working capital.”

One of the sectors which Intrakat attaches special importance to, is the ‘Renewable Energy Sources’ sector. You have announced the preparation of a bond issue of 120 million euros. How is this process going?

  • “RES already play an important role in energy self-sufficiency, as well as in sustainable development. We see this as an area where Intrakat can grow strategically and create a strong footprint with stable cash flows, both in clean energy generation and storage, and is -therefore- our investment priority. We already have a portfolio of 1.8GW (1,000MW wind farms and 800MW solar) and 0.7GW electricity storage projects, which we expect to generate positive cash flows by 2023. As far as the bond issue is concerned, we are at an advanced stage of negotiations with the cooperating banks, our goal is to proceed with a dynamic investment plan until 2024 and we believe that it will have the appropriate financing”.

In our country, the procedures for the development of offshore wind farms are also opening. Your company, along with the Belgian Parkwind has announced its participation in the upcoming tenders. How many Megawatts will you claim?

  • “Offshore wind farms are a great opportunity for Greece to increase its production of ‘green’ energy and we are glad that the state has worked in this direction by facilitating the procedures for their development. It is possible to achieve the national target of producing at least 2 GW of offshore wind power by 2030 and Intrakat’s goal is to claim a leadership position in this sector. Our strategic partner Parkwind has extensive experience in similar projects and will soon have a capacity of more than 1 GW. Accordingly, Intrakat has significant expertise in local infrastructure and we already have 1,000 MW of capacity from wind farm projects.”

Participation in the Attica Road competition is one of Intrakat’s biggest bets. How is the process going when it comes to preparing investors for the final phase of the competition?

  • “As you know, we are participating in the tender as part of a 30% joint venture with Portugal’s BRISA, a European giant with vast experience in managing road networks and motorways. In fact, BRISA’s strength and expertise is mainly in the modernization of highways based on digital technology, which is of utmost importance for the future of highways in our country. Given that the deadline for submission of offers is set for May 29, we are in the final stages of preparation.”

And one last question…

A large ‘pie’ of construction projects is opening up in Greece. What size could Intrakat claim?

“Major construction projects and infrastructure are a priority for us, as we believe that there is no development without modern infrastructure, roads, trains, ports, airports. Our goal is to claim even more projects that will improve public infrastructure and the daily life of citizens, but also the image of Greece as an attractive investment destination. We are planning our participation in projects that will be announced in the period 2023-2024 and will concern our areas of interest. Projects that we can execute well and within the predetermined timeframes and which will contribute to strengthening our position in the sector”.

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Personal Finance Real Estate Stock Market News U.K

UK House Prices Will Continue to Plunge in 2023

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The real estate market in the UK started on a high last year, continuing a period of fast expansion that began early in the COVID-19 pandemic, thanks to low-interest, “race for space” rates and stamp duty land tax cuts throughout lockdowns. 

But the mood changed drastically in the second half of 2022, making buyers reevaluate their moving plans. 

What a difference a year has made! 

According to a report published in City Monitor, UK house prices are forecasted to continue plunging this year after a record-high fall of 2.3% in November 2022. Analysts unanimously agreed that 2023 is set to face the biggest slump in property prices since the onset of the financial crisis in 2008. 

“Although a housing market downturn was widely expected by economists (including us), the monthly drop in the December survey far exceeds our and consensus’ expectation,” said Kallum Pickering, the chief UK economist at Berenberg.

Reasons behind the recent drop in house price in the UK

The increasing cost of living and the rising inflation rate looming over the UK are two key factors contributing to the rapid cooling in buyer demand and sales activities.

City Monitor marks the recent hike in mortgage rates as another leading player that caused sales to slip to a 12-year low.

The result: the UK property market is anticipated to fall staggeringly in 2023.

Research is frequently being conducted on the extent and impact of this decline in house prices. Case in point: The Nationwide Building Society projects a 5% fall in price that can be as high as 30% in the worst case scenario. Oxford Economics and Capital Economics forecast this drop to be around 12%. On the other hand, Halifax predicts a decline of 8% in house prices in 2023. 

Impact of drop in house price in the UK

The recent decline in house prices will affect people planning to relocate. The reason: sellers may not put their properties on to the market for sale, finding it less profitable.

In addition, if the current hike in interest rate shows no signs of dropping, a huge percentage of people will have to shift from fixed-rate mortgages to new higher rates. More and more property owners will end up selling their houses if they fail to afford the inflated mortgage rates.

That said, the current housing market downturn has benefits and drawbacks as well. While first-time buyers will find and purchase property at a more reasonable price, homeowners will face substantial losses or even negative equity while selling their properties.

The role of high interest rate in the house price drop

In an effort to check the current inflation, the Bank of England increased the UK base rate by 0.5 percentage points to 3.5% in December 2022—the highest in the past 14 years.

However, an increase in the interest rate doesn’t necessarily result in decreased house prices. But if the rate stays high for a long time, it can make property prices fall sharply. 

The reason: persistently high interest rate makes people less interested in borrowing which negatively impacts the property market. 

London’s luxury houses are defying UK’s home sales slowdown

Even though the UK’s property market is witnessing abrupt changes this year, it’s still not playing out in London’s luxury property market.

“In 2022, sales of £5 million plus homes, which account for just 8 percent of the prime London housing market, were 63 percent higher than their pre-pandemic average,” said Anthony Payne, managing director at LonRes. “It’s not surprising, therefore, that it tempted would-be sellers to put their homes onto the market.”

With London’s expensive and luxury homes defying the current slowdown in the UK’s property market, real estate agents are expecting a ‘burst of activity’ this year in London.

In addition, the weakness in the pound against the dollar is luring more international customers to London’s luxury properties.

For example, being superbly connected to Central London, Blackfriars and Marylebone have become two of the most sought-after places to settle down. 

In such a case, a high-end luxury real estate company can help buyers, sellers, tenants, and landlords make the most profitable deal. 

A top-tier real estate agent has extensive market knowledge, professional networks, and excellent negotiating skills. They can efficiently find the property worth selling, purchasing, or even renting for their potential clients. For example, while a real estate agent ensures efficient property valuation on behalf of a seller, they help buyers figure out the best-asking price. 

Regardless of the transaction taking place, a high-end real estate service always considers their clients’ interest and offers the best services, locations and connections when it comes to selling luxury properties in the neighbourhood areas of London.

Wrapping up

The hike in mortgage and interest rates had a knock-on effect on home sales and demand. Even worse, the UK base rate is projected to increase further and peak at 4.25% as the BoE looks to bring back down inflation. It will be the tenth time in a row for the bank to hike the interest rate since December 2022. However, as part of an effort to repair the damage, lenders have started lowering the mortgage rate even though the base rate is going up.

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Automotive Business Finance Financial Market Stock Market News

Plensy™, A Points-Based Lending-System Opens Seed Funding Round to Offer NFT Auto Smart Loans to Dealership Customers

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August 24, 2021 – Los Angeles, CA – The Los Angeles-based FinTech startup Plensy™ announces the opening of its $25M seed funding round. Plensy’s patent-pending Points-Based Lending System will compete with digital lending platforms and banks by elevating the vehicle buying experience for both customers and automotive dealerships. For 3 years the team has been self-funding the developement of the technology and systems solving problems holding back the adoption of DeFi into the antiquated automotive sector by applying NFTs to Auto Smart Loans. Plensy™. 

Plensy’s mission is to replace outdated, discriminatory, and draconian credit scoring and lending systems with a smarter, honest, more ethical, and equitable approach to risk assessment and financing, based on real-time data analytics, artificial intelligence (AI), and blockchain technology using asset-backed Non-fungible Tokens. 

The AI algorithm authenticates protocols and information between the dealership and consumer that are inputted into the Plensy™ DMS (dealer management system) with both transparency and secured methods of verification stored on private and public nodes. Instead of a monolithic credit score often based on outdated or inaccurate information and prone to misuse, Plensy™ evaluates prospective borrowers based on their current buying power and true ability to repay a loan.  

Plensy™ not only brings innovation and a fresh perspective to risk assessment but also revolutionizes the broader credit and finance market by tokenizing with NFTs (converting to a digital format), coined as Smart Loans into programmable, yield baring, new and attractive digital asset class which can be purchased and sold on a state-of-the-art platform cryptographically secured with blockchain technology. The low interest rate that Plensy™ will compete with is desirable among investors looking for a good return on their investments and higher monthly income for dealerships. 

Plensy’s Unicorn pedigree includes addressable market, scalability, unfair advantage, timing coincidence, and its founding team:  

  • Sam Errama, Founder & CEO with 20 years of experience in the Automotive Dealerships and Data Marketing industries,  
  • Murali Margapuri, Co-Founder & CTO with 20 years of experience as CTO & VP of Citibank / Banamex global, and  
  • Brandi Kolosky, Chief Growth Officer with 14 years’ experience in Brand Marketing, Capital Raising, Blockchain & Mining Solutions, Global B2B & B2C Business Development and certified in Innovations in FinTech. 

 

Approximately one hundred twenty (120) dealerships have signed agreements with Plensy™, because of their attention in cross-pollinating and growing the $98B DeFi ecosystem together. Some of the largest automotive groups in the United States, which collectively operate over a thousand (1,000) dealerships, are ready to offer Alternative Financing to their consumers, beating the quota goal before the funding round began. Plensy’s current financial model only predicts 1% of the $1.4 trillion auto loan market (300 dealerships) — proving the Plensy™ model is the future of car buying. There isn’t competition. There is only coopetition. 

This new approach creates a net positive social and economic impact as millions of previously ostracized consumers are welcomed into the marketplace and new financial opportunities are created for both lenders and borrowers.    

In 2015, the US Congress declared credit scoring to be a monopoly controlled by just one organization, FICO. This monopoly provides credit scoring for more than 90% of the top US lenders. FICO’s credit scoring system leaves over 26 million Americans “credit invisible” and an additional 19 million un-scorable.  

Sam Errama, Chief Executive Officer of Plensy™, expresses: ”We intend to disrupt the antiquated automotive financing ecosystem by delivering asset-backed tokenized loans.”” 

More About Plensy™: 

Plensy™ is poised to disrupt several trillion-dollar markets with a simplified, fair, and intuitive points-based lending-system that expands marketplaces, diversifies risk, and streamlines the process for everyone involved. This would have enormous economic and social impacts! 

https://Plensy.com  

For more information on Plensy’s business model or our seed fund, contact Chief Growth Officer, Brandi Kolosky, Brandi@Plensy.com  

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Family & Parenting Lifestyle Professional Services Stock Market News U.S

American 3D4D Ultra Sound Stood By Expecting Mothers During the Restrictions of the Pandemic

Chicago, IL, USA – Sept 5, 2021: Tummy Vision is a state-of-the-art 3D/4D Ultrasound outlet based out of Oak Park, Illinois and it has been a great support for pregnant women during the pandemic. With COVID-19 peaking in the United States and worldwide, restrictions at OBGYN offices and clinics have been overwhelming for most expecting moms. However, the remarkable services and comfortable environment offered by Tummy Vision have enabled couples to experience the precious moments of pregnancy ultrasounds just like old times except in a more relaxed way.

“Due to restrictions at OB offices, many expecting moms have had to go to ultrasound appointments alone, which meant that dads were not allowed to experience this memorable pregnancy event at all.” Said the spokesperson of Tummy Vision, while talking about the issues faced by the expecting couples. “We are pleased to inform you that during these trying times, Tummy Vision has been a great service allowing moms, dads, and babies to bond in a private intimate setting.” She added. Tummy Vision uses state-of-the-art 3D/4D live technology with real-time movements, capturing the miracle growing inside that parents can cherish forever. 

In addition, Tummy Vision provides a wide range of pregnancy ultrasound services. From providing early pregnancy ultrasounds starting at just 6 weeks to gender reveal ultrasounds starting at 14 weeks via ultrasound and 8 weeks through a blood test, the ultrasound outlet has taken the pride and joy of being the first one to give much great news to many lucky parents to be. Furthermore, Tummy Vision offers a variety of 3D/4D Ultrasounds and scans all the way throughout pregnancy. There is no great joy for any parent to be able to clearly see the face and body of their unborn babies in the womb of the mother with the help of cutting-edge technologies used by the outlet.

For more information, please visit:

www.TummyVision.com

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Financial Market Living Real Estate Stock Market News U.S

Hot Real Estate Market and Pandemic Mark Increased Need for Skilled Realtors

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Oak Brook Terrace, IL – The real estate market has steadily been heating up in many jurisdictions across the United States, and low interest rates are the culprit. 

Low interest rates equate to low monthly mortgage payments and that also means more buyers are ready to put their bids in. For sellers, that means more money on the table. For buyers, that means you might get outbid by a number of other hungry buyers.

Home buyers and sellers trying to navigate this intense market on their own are being met with many challenges, demonstrating the need for an experienced realtor.

For clients looking for exceptional service with the Illinois rental units and Illinois luxury home markets, they should trust RE/MAX LEGENDS realtor Jennifer Mansoori at Lavish Group Inc.

“VIP clients are always number one, and my goal is to exceed each and every expectation, with one monumental experience at a time,” says Jennifer Mansoori.

Mansoori has more than 20 years of experience in sales and marketing. Her strong foundation in business has equipped her with the tools needed to help buyers, sellers and investor clients.

“Sellers are getting top dollar and mortgage rates are at an all-time low,” says Mansoori, adding, “we are seeing buyer clients getting a little frustrated because so many people are bidding on the same house,” says Mansorri, “I can help you craft a competitive offer while not sacrificing your major wants in a home.” 

Selling your home amid a pandemic also brings unique challenges. Some folks are more uncomfortable with showings with increased health risks. An experienced realtor can help communicate and enforce the seller’s preferences with home showings to potential buyers. Realtors can also help by coordinating a limited numbers of showings during a specified window of time. Other elements of marketing a seller’s home, like doing virtual showings, can also help showcase the home without buyers having to attend an in-person viewing.

According to Mansoori, “Some of my clients say they only want one day of showings and I can help facilitate a schedule to enable safe showings throughout that one day. My clients’ expectations are always met or exceeded.”

Many buyers are in the same boat with their comfort levels during the pandemic. Different buyers have different levels of comfort with health and safety and its up to the realtor to help them feel more comfortable while viewing various places.

The VIP service provided by Lavish Group Inc ensures all clients expectations are exceeded. Mansoori is the expert clients can trust while helping to navigate the Illinois rental unit market and the Illinois luxury home market.

For more information or to connect with Jennifer Mansoori, please visit https://www.lavishgroupinc.com.