Cyprus-based Easternmed Real Estate Capital Plc announced this week that its subsidiary Intertime Holdings Ltd has completed the purchase of a property located at Seestrasse 47, 3602 Thun, Switzerland.

The company explained that the transaction was made in accordance with the relevant regulations of the Cyprus Stock Exchange and aimed to keep shareholders and the wider investment community fully informed.

The purchase price for the property amounted to CHF 27,500,000, excluding notary fees, value-added tax and other acquisition costs.

The sum converts to approximately €29.6 million when using the current exchange rate. The payment was made entirely in cash via bank transfer.

Easternmed confirmed that Intertime Holdings Ltd purchased the property at its market value following the submission of an offer, and as such, no goodwill, profit or loss arose from the transaction.

The seller of the property was Artisa Micro Living SA.

The funds for the transaction were contributed to Easternmed Real Estate Capital Plc by its shareholders Athanasios Martinos, Marina Martinou and Marina Matthylde Martinou.

The company then paid the purchase price to the sellers on behalf of Intertime Holdings Ltd, which now holds full ownership of the property.

Easternmed stated that the amount contributed by shareholders does not bear any interest and is expected to be capitalised by the end of the year.

The company also clarified that the transaction does not relate to or affect the interests of the issuer’s secretary or any “designated person” as defined in article 137(3) of the law, nor their relationship with the transaction, the counterparties or intermediaries involved.

Easternmed highlighted that the purchase was conducted strictly on a commercial basis and is expected to generate monthly rental income, similar to the group’s other real estate investments.

The company added that this acquisition is anticipated to increase the group’s profitability going forward.