Arbitrage Real Estate was instructed to assess the valuation of a 75,000m² mixed use portfolio comprised of 4 office units, 3 retail buildings, 3 development land plots and 1 residential complex, located in the wider Athens metropolitan area. The adopted valuation basis had been the Fair Value, scoping to cover year-end reporting purposes of the owning entity based on the International Financial Reporting Standards.
Instructor and client of the project was one of the leading domestic multi-discipline companies with strong international presence in the fields of Retail, Telecoms, Wholesale and Industrial services.
Arbitrage's valuation team was responsible for the onsite inspections, the planning compliance assessment of each property and the validation of the maintenance level of the buildings. In addition, Arbitrage conducted a thorough market research, delivered a qualitative and quantitative analysis of comparable evidence. Main challenge of the valuation process was the solid illustration of the cap rates used for the income generating properties, given a rather illiquid real estate market with poor commercial transaction levels during the last 12 months. The valuations were performed with the combined use of the Comparative Method and the Income Approach, according to RICS Professional Valuation Standards, in compliance with the International Valuation Standards.
