Premia buys Douka Schools buildings for 20 million euros

The signing of a strategic cooperation with Douka Schools was announced by Premia Properties.

The agreement stipulates that Premia will acquire the facilities of the schools in Maroussi, Attica, with a parallel long-term fifteen-year lease, with the right of repurchase, and use by the Douka Schools.

The properties include school buildings, sports and cultural facilities of 23,114 sq.m. on plots of 26.6 acres. The initial investment for Premia amounts to 20 million euros.

As part of the cooperation, improvements as well as environmental upgrades of existing buildings and infrastructure will be considered in the coming years, according to a relevant announcement. In this way, the conditions for the realization of the vision and the goals of the school are strengthened as it will focus seamlessly on its educational work and on the further development of its pedagogical offer.

The agreement marks the beginning of new strategic investment partnerships in the field of education through the cooperation of the two parties.

Premia thanked DBC Diadikasia S.A. who acted as a Financial Advisor for the transaction.

Mr. Elias Georgiadis President of Premia Properties and CEO of STERNER STENHUS Holding said: “I am very happy for our cooperation with DOUKA SCHOOLS, one of the most important educational organizations in the country… This agreement is part of our strategy for investment in buildings of social character which had begun with the acquisition of the management of 10 schools in Attica through a PPP program. It is also an opportunity to transfer our experience from their counterparts STERNER STENHUS investments in Sweden ”

Mr. Konstantinos Doukas, CEO of Douka Schools also praised the collaboration between the school and Premia, as did Mr. Konstantinos Markazos, CEO of PREMIA PROPERTIES who noted that his compoany’s portfolio is enriched with high quality buildings and at the same time “we acquire a very important partner in the field of private education.”

Premia Properties, a real estate development and management company, was founded in 1991. Its shares are being traded on the Athens Stock Exchange since 2008.

Douka Schools has been part of Greek education, since 1917, focusing on the needs of each child and forming a multifaceted educational program to offer students a more creative, more enjoyable, more useful and more effective school.