The 9 real estate investment companies plan to invest over 1.5 billion euros by 2030, while they are looking for ways to improve their operating and taxation framework. It should be noted that during the period 2018-2023 the value of the AEEAP portfolio increased by 120%, from €2.101 billion to €4.686 billion at the end of 2023.
Development plan
Prodea Investments, the largest real estate investment company in Greece, is launching new investments of 700 million euros over three years. At the same time, the management is attempting a total restructuring of the company’s portfolio by proceeding with the sale of the oldest and most energy-intensive buildings and has already secured revenues of 250-300 million euros from property sales in Greece, Cyprus and Italy. At the same time, the effort to increase the free float continues at levels well above 20%. Regarding the strategic development plan, the company focuses on tourism, the development of “green” offices, logistics and residential projects, while there is also a particular interest in the data center sector.
Counting down to its listing on the Athens Stock Exchange, Noval Property AEEAP (subsidiary of the Viohalco Group) aims to invest 340 million euros by 2030. Noval’s largest planned investment of 169 million euros concerns the reconstruction of old industrial facilities of Viohalco (area 106,000 sq.m.) at 248-252 Piraeus Street with a view completion in 2028. It is a mixed project with offices, hotel, residences, sports facilities and cultural spaces. In addition, the creation of new “green” office buildings, with an emphasis on the wider area of Amarousi, where three projects are “running”, logistics, as well as residential projects are high on the company’s priorities.
Disposition of shares
Trade Estate AEEAP is proceeding with the implementation of investments approaching 300 million euros, including the co-investment for the new regional transit center of InterIKEA, with the prospect that in 2027 the value of its portfolio will reach 700 million euros. The goal is the addition of three new commercial parksn in Elliniko, in Patras (to be completed at the end of this year) and in Heraklion, Crete, as well as a logistics complex in Elefsina, with an area of 56,000 sq.m., which is expected to be leased by the Kotsovolos chain.
At the same time, by the end of the year the Fourlis group is expected to dispose of approximately 13% to 14% of the shares it owns in Trade Estates, in order to reduce its percentage to below 50%. Already the decision of Jumbo to invest in Trade Estates with a percentage of 1% was revealed by Apostolos Vakakis, stressing that it was a “vote of confidence”. Trastor AEEAP focuses on the purchase and development of modern commercial warehouses and office buildings, having recently strengthened its capital structure by increasing its share capital by 75 million euros. The purchase of three newly built commercial warehouses in Aspropyrgos, Attica, and one in Mandra, Attica, which is to be renovated, while developing a building with a total area of 9,500 sq.m., was recently completed. in Marousi Attica.
The investment program promoted by Premia Properties for the two years 2024-2025 amounts to 100 million euros. The conversion of the former Athens Heart shopping center into an office building, which has been leased to AADE, is already in the completion phase, while another office building is being built on an adjacent plot. At the same time, a property is being renovated in Xanthi that will be converted into a student residence with 102 furnished apartments, while the construction of 11,300 sq.m. warehouses is expected to be completed by the summer. in Aspropyrgos. Regarding the Skyline project in which Premia participates together with Dimand and the EBRD, it is estimated that the final transfer of the real estate portfolio to the new structure will be completed within the next few weeks.
Completing the agreement with Intercontinental International is a priority for BriQ Properties AEEAP. It is recalled that the agreement was signed about a year ago and the first stage was completed this year with the purchase of 16 properties from ICI, including all 14 properties leased to Alpha Bank.
Once the merger is fully completed, the company will control 42 properties with a value of €212 million from €149 million at the end of 2023, while rental income, on an annual basis, is set to increase by approximately €6.4 million and amount to 15.7 million euros. Focused on Elliniko is Orilina Properties AEEAP where it is going to develop a luxury residential complex of 20 houses next to the marina of Agios Kosmas and a private club. Both projects bear the signature of internationally renowned architect Kengo Kuma. These are investments totaling 57.4 million euros. Blue Cedar increased its portfolio to approximately €111 million in 2023 from €83.5 million in 2022.
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