Real estate has always been a hot issue for the domestic supermarket industry, which has 3,800 stores nationwide. After all, the increase in sales for Greek and foreign retailers continues to be largely based on the dynamics of the network. Today, however, the powerful “players” deal with the “real estate” factor more creatively and not as simple users, as in the past.
The movements of the family Sclavenite and his Yannis Masoutis in the field of real estate exploitation and development through independent companies reflect the changes, but also the fact that the domestic groups of organized food retail have long gone beyond the grocery stage, boosting their profitability different sources in the model of their European colleagues.
With the “hat” of the property manager
With the company Hellinikes Hypergores Sklaveniti S.A.E. as its sole shareholder. the new company Pitsos Property Management Sole Proprietorship S.A. has as its main purpose the “renting and management of owned or leased properties”, thus opening a new chapter for the emblematic property in the Renti area, but also expanding the group’s businesses.
It is recalled that the purpose of the rental and management of privately owned or leased properties is also the purpose of the anonymous company Artemis Property Management, with shareholders Maria Sklavenitou, Gerasimos Sklaveniti and Vasiliki Sklavenitou, which was founded last June with the aim of optimal management of the properties it has owned by the family.
The purchase of the former Pitsos factory, where for 62 years the eponymous white appliances were produced, is not the only landmark that Sklavenitis has acquired in recent years (see former MAVA-Renault building, Novacinema Odeon cinema, Izola, etc.) and it certainly won’t be the last.
Of course, at 53,000 sq.m. of the former factory will not accommodate retail, but production and storage. After all, the group’s investment plan, whose turnover exceeded 5 billion euros in 2023, is currently focused on infrastructure development.
The construction of the mixed industrial building on a plot of approximately 42,000 sq.m. is already underway. in Magoula. There will be developed a vertically integrated production unit for the new ready meals preparation plant, as well as storage and distribution areas. In fact, the construction work undertaken by Ten Brinke Hellas is ahead of schedule.
It should be noted that real estate investments are an important part of the investment program not only of Sclavenitis but also of The Martfamily interests.
The total investments during 2022 for real estate purchases, store renovations and cooling facilities, amounted to 110 million euros.
Specifically, the company proceeded to purchase the properties of 9 stores with a total area of 102,000 sq.m., as well as two more industrial properties with a total area of 20,000 sq.m. approximately, in order to further develop and strengthen its position in the market.
Following in the footsteps of Tesco and Aldi
Real estate has always been one of Yannis Masoutis’ priorities, hence the establishment as early as 2004 of Masoutis Anonymi Etairia, which specializes mainly in the exploitation of real estate and the construction of commercial buildings.
The company, which absorbed NEORIS M.A.E., one of the SPVs created by the Piraeus bank, based on the EBZ reorganization agreement, still owns 14 properties and fields with an acquisition price of 7.735 million euros, while continuing the residential and its non-investments, like the one at Three Bridges.
Following the complex model of real estate management and development adopted by Sainsbury’s, Tesco and Aldi (both Nord and Süd), D. Masoutis, in addition to the store she will build at Treis Gefyres, is also planning the development of two twin 9-storey apartment buildings exactly above, which will accommodate 110 apartments of different sizes. The complex will also have two underground parking spaces, one for the store and one for the residents of the two residential complexes.
A gas station will also be built on the 5-acre plot on which this development will be implemented, the first of Masoutis in Attica, as the company already owns gas stations in Northern Greece.
The specific real estate project of Masoutis is the company’s most important investment in Attica so far, as it is expected to exceed 30 million euros.
However, it is not the first time that retail and residential development are combined on a plot of land owned by Yannis Masoutis. The same thing happened in Michaniona in Thessaloniki and Chrysoupoli in Kavala.
In addition, Yannis Masoutis in the field of acquisition, construction, exploitation, management, development and sale of real estate, residential and non-residential, will also be active through the company Galaxias Real Estate Management and Construction SA, formerly Dimitra Market Galaxias, with which he “entered » in Corfu by acquiring 18 stores as part of the agreement with SYNKA.
“The Masoutis group has approximately 100 properties worth over 250 million euros. We will also include some privately owned Masoutis stores in Galaxy, but this does not mean that the commercial company (including the Masoutis chain) will be left without real estate. It will continue to own the head office building, the storage areas in Kavalari and some shops”, said Mr. Yannis Masoutis.
A different case study
Can the borrower Pente S.A. which owns the supermarket chain Galaxynot to follow a more complex real estate management model as is the case with the Sclavenitis and Masoutis groups, however real estate is in its DNA.
With real estate that exceeds 165 million euros, 90 of the 171 Galaxia stores are privately owned, while it continues to invest in plots of land in order to achieve the organic expansion of its network. To this end, it has acquired plots of land in Agrinio, Kalamata and Ioannina where privately owned sales premises will be built.
The last “bet” of Galaxia, founded in 1971 by five friends and currently has 210 shareholders with most of them working in the chain, also concerns real estate, however, it is not having the development that the shareholders would like.
The reason for the mini-mall with a cinema and dining areas in an area outside the city plan on Ayandei Avenue in Salamina. Four years after the start of the procedures for its implementation, the project remains on paper, as the licensing has not progressed.
Source: ot.gr
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