The company that leases the Artemida 2nd Lower Secondary School building to the Municipality of Spata–Artemida, ARTEMIS REAL ESTATE & INVESTMENTS, is being merged by absorption into PREMIA AEEAP, a property investment company listed on the Athens Stock Exchange. The change involves a higher rent for the Municipality: €134,345.63 per quarter, approximately €537,000 per year, until 22 May 2036.
The merger is recorded in a document issued by the Municipality’s Financial Services Department, dated 21 September 2026. The department is enquiring as to what steps are required, what supporting documents must be provided and how two contracts are to be amended: the tenancy agreement and the rent assignment agreement, under which the rent is paid directly to Optima Bank.
The Municipal Committee examined the matter at its meeting on Friday 2 October and unanimously appointed the lawyer Agis Zerveas to provide an opinion. According to Decision 596/2026, which was published on the ‘Diafania’ transparency portal on 20 October, the legal opinion will be provided as part of his duties as a special adviser to the Municipality. No separate remuneration is mentioned.
The summer payment has not been posted
The rent is payable quarterly, from the 4th of the first month to the 3rd of the fourth. The most recent payment order on Diafania was issued on 9 June 2026 and covered the period from 4 March to 3 June. For the following quarter, 4 June to 3 September 2026, no payment order had been posted as of 21 October. iartemida checked all the municipality’s payment orders from mid-June onwards and found none for the 2nd Lower Secondary School. Last year, the corresponding term was paid via a payment order dated 17 September 2025.
The documents do not state whether the payment is pending the opinion or whether it is being delayed for some other reason.
The lease
The contract was signed on 16 December 2022 and relates to five adjoining plots totalling 4,087.85 square metres in Block 1434, on Vravrona Avenue, where the complex housing the 2nd Lower Secondary School and its playground was built. The rent was set at 43,600 euros per month, including stamp duty, and following adjustments, it amounted to 134,345.63 euros per quarter. There are approximately 40 quarters remaining until the end of the contract, amounting to over 5.3 million euros at the current rent. In June 2024, the Municipal Committee added TEN BRINKE HELLAS as a guarantor to the contract. The detailed figures, together with all the municipality’s school rents, can be found in our report of 11 October.
What is Premia?
PREMIA AEEAP (Premia Properties) invests in let properties, including school buildings: in 2022, it agreed to purchase the premises of the Doukas Schools in Marousi, with a 15-year lease back to the schools. In the announcements to the Stock Exchange that we have identified, we found no reference to the merger with ARTEMIS REAL ESTATE.
What does this mean for the school?
For pupils and teachers, nothing will change immediately: the lease remains in force and the building is operating as normal. In a merger by absorption, the absorbing company generally assumes all the rights and obligations of the company being absorbed. That is why the Council’s enquiry concerns the documents and the amendment of the contracts, not whether the lease will continue. The next steps are the advisory opinion, a new decision by the Municipal Committee on the amendment, and the payment order for the June–September quarter.
Source: Municipality of Spata–Artemida, Municipal Committee Decision 596/2026 (meeting of 2 October 2026, Diafania 20 October 2026) and rent payment orders for the 2nd Artemida Lower Secondary School 2025–2026, Diafania.
