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GreekReporter.comBusinessIvan Savvidis Leases Macedonia Palace for 30 Years

Ivan Savvidis Leases Macedonia Palace for 30 Years

makedonia_pallas660_1Ivan Savvidis has leased the building of the Macedonia Palace in Thessaloniki for the next 30 years. According to IKA-ETAM the annual leasing rent rate will amount to 1.7 million euros.
The long-term lease of property contract that was signed starts from March 9 2014. The contracts main points were officially announced today by the foundation’s administration. It was signed by IKA-ETAM’s vice president, Vassiliki Triantafyllidis and a representative of the lessee company MACEDONIA PALACE SA.
In more detail, the lease term is defined at 30 years with an extension option for another 10 years. The monthly rent rate amounts to 143,500 euros ie 1,722,000 euros per year. In addition to rent the tenant will pay the landlord IKA-ETAM, once a year, a percentage of the annual turnover, plus all kinds of operating income as follows :
– 12% on turnover of 7,000,000€ – 11,000,000€
– 10% on a turnover of 11,000,000€ – 15,000,000€
– 8% on turnover of more than 15,000,000€
In addition, the lessee company must implement an investment program amounting to at least 5,000,000 euros within two years of the lease.
Before signing the contract, the lessee company delivered the following guarantee letters to IKA:
– A guarantee for the good implementation of the contract’s terms amounting to 2,296,000 euros.
– A guarantee of implementation of the investment program amounting to 1,500,000 euros.

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