Marinopou­los stores to go un­der the ham­mer

Kathimerini English - - Focus - NIKOS ROUSSANOGLOU

De­lays in the process of stream­lin­ing the Marinopou­los su­per­mar­ket chain are hav­ing a di­rect im­pact on the prop­erty mar­ket too, as the own­ers of the prop­er­ties that house the chain’s stores are suf­fer­ing from the debts that have ac­cu­mu­lated over the last 18 months.

A case in point is Zenon Prop­er­ties SA, which be­longs to APN Funds Man­age­ment Ltd and owns 16 of the chain’s stores and stor­age spa­ces. Af­ter re­ceiv­ing a court or­der and ap­point­ing Ernst & Young as a spe­cial ad­min­is­tra­tor, the com­pany has put its portfolio up for sale in a ten­der set to take place on Fe­bru­ary 10. Zenon Prop­er­ties has been in a state of bank­ruptcy for the last few years now, strug­gling first with the ma­jor drop in prop­erty val­ues and then with Marinopou­los’s rent pay­ment de­lays.

Ac­cord­ing to data from the fund’s fi­nan­cial reports, the de­lays in Car­refour-Marinopou­los (as it was then known) rent pay­ments be­gan in 2014, cre­at­ing debts of 2.4 mil­lion eu­ros. By June 2015, the debts had soared to 7 mil­lion.

In a re­cent agree­ment on Marinopou­los’s debts, Zenon ac­cepted a 40 per­cent hair­cut with the re­main­ing re­pay­ments to be stag­gered, al­though the pre­cise amount of the dues was un­clear.

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