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Sklavenitis retail units, IFRS

Sklavenitis retail units, IFRS

Property valuation of 29 assets for IFRS reporting

on the instructions of Sklavenitis S.A.

Savills Hellas has been instructed to value its portfolio of assets (29 properties) for bank lending and/or IFRS reporting purposes.  The valuation of 9 assets was done for bank lending purposes whereas the valuation of the rest of 20 assets of the portfolio as well as the 9 first properties was valued for IFRS reporting.

The portfolio included properties in various parts of Greater Athens (Peristeri, Nea Halkidona, Keratsini, Nea Ionia, Likovrisi, Piraeus, Kallithea. P. Faliro, Voula, Glyfada) as well as an area of the Prefecture of Viotia (Inofita).  It included mostly retail stores (used as super or hyper markets) as well as warehouses, car parking spaces and land plots.

Since the valuation of the whole portfolio has been carried out for IFRS purposes the basis of value has been the Fair Value which in this case is equivalent to the Market Value (MV).

Our Role

Savills Hellas have conducted inspections in every property of the portfolio and also surveyed the local markets for information related to rental levels, supply and demand and trends.  Information was gathered also from local agents in order to get a better understanding of each location’s particulars.

A detailed valuation report was prepared for each individual property with extensive commentary regarding the local market and the property’s qualitative and physical characteristics.  In line with our instructions these reports were formed in a way that they could be used separately.

The Investment Method – Initial Yield Approach (ARY) was used for the valuation of the Supermarkets/Hypermarkets as no lease agreement has been recorded.  The same approach has been applied for warehouses.  As regards land plots there has been applied the Comparative Method as well as the Residual Method for more densely populated areas.