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Did you guys notice FFH purchased a Greek REIT?  The REIT is Eurobank properties and has more cash then debt and has FFO yield of 18% once the cash is pulled out.





You did surprise me with that announcement,... well,... I did already wonder when they would do some investment into Greece. But the deal is relative small,... only some 43 million Euro.


Here's the press release:


Acquisition of Eurobank Properties REIC’s treasury shares by Fairfax Financial Holdings Limited.

Marousi, August 22, 2012




Fairfax Financial Holdings Limited acquired 9,017,987 shares of Eurobank Properties REIC yesterday, at an acquisition price of €4.75 per share. The seller was Lamda Development S.A.

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Also some more links about Eurobank Properties:




Stock Performance 30/08/2012

Stock Closing Value 4.42€

Change -4.12%

Capitalization 269.620.000€


NAV per share 30/06/2012

NAV 10.32€


With the last company presentation as June 2012:




Largest Investment Property Fund in Greece

High quality property portfolio and solid tenant mix (EFG Group, AB Vasilopoulos, Carrefour, Praktiker, H&M, L’Oreal, P&G, CYTA Hellas) that produced annual rental revenue in the range of € 43 Μ and passing yield 8% approximately

▪ Tax-Efficient Structure in Greece; REICs are exempt from

- Rental income tax

- Capital gains tax

- Transaction tax

- Dividend tax

▪ Attractive Dividend Policy


Dividend per share Dividend yield (at year end)

2009 € 0.55 6.63%

2010 € 0.53 8.91%

2011 € 0.40 10.53%


Actual Data as at 31.03.2012

▪ € 163 Million in Cash (Term Deposits) with an average deposit rate 6.02%

▪ Low LTV with long maturity

- Loan to Value – 14%

- Debt (& all other liabilities) to Total Assets – 15%

- € 86,9 million total debt outstanding as of 31.03.2012

- Average maturity – 7.5 years

- Weighted average cost of debt – 3.58%

- All debt is on floating interest rate


Share Price Information:

▪ Share Price (30/3/2012)  €3.65

▪ Share Price (13/6/2012)  € 2.90

NAV per share (31/3/2012)  € 10.94

Discount to NAV (31/3/2012)  67%

▪ Capitalization (31/3/2012) €223 M

▪ Dividend per share ‘11  € 0.40

▪ Dividend yield (31/12/11) 10.53%


Total Shares Outstanding : 59.99 million


They are currently buying back some tiny amounts of their own shares at below half NAV,...

so it's almost a little comparable with AIG repurchases.











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Here are links to share quotes: EUPRO:GA







Key Statistics for EUPRO

Current P/E Ratio (ttm) 45.0000

Estimated P/E (12/2012 ) 7.6415

Earnings Per Share (EUR) (ttm) 0.0900

Est. EPS (EUR) (12/2012) 0.5300

Est. PEG Ratio -

Market Cap (M EUR) 247.05

Shares Outstanding (M) 61.00

Enterprise Value (M EUR) (ttm) 186.39

Enterprise Value/EBITDA (ttm) -

Price/Book (mrq) 0.3631

Price/Sale (ttm) 5.6018

Dividend Indicated Gross Yield 9.2422

Next Earnings Announcement


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