Trade Estate’s four investments with a budget of 200 million euros are maturing, while another two are under development, so that the value of its real estate portfolio will reach 700 million euros by 2027 compared to 484 million euros at the end of 2023.
The next moves of the Fourlis Group, which participates with a 64% stake in Trade Estates, include the disposal through a private placement of 13% of the Real Estate Investment Trust. The company’s president, Vasilios Fourlis, said on Wednesday, that this is a commitment which will be implemented in 2024, probably in the second half of the year, taking into account the market conditions.
In particular, a commercial park with a total leasable area (GLA) of 17.1 thousand sq. m., costing 27 million euros is under construction. A percentage 42% of the available commercial spaces has already been agreed to be leased by Housemarket for a medium-sized IKEA store which is expected to be completed at the end of this year.
A commercial park with a total GLA of 13.2 thousand sq.m. and a cost of 21 million euros is also being built by Trade Estates in Heraklion, Crete, with 68% of the premises having also been leased by Housemarket for an IKEA store to be completed in 2024.
The other three maturing investments concern:
A logistics building in a total area of 56 thousand square meters, in Elefsina, with a budget of 45 million euros. Its lease to Dixons South – East Europe has been agreed and is estimated to be completed in the third quarter of 2025.
The creation of a Retail Park with big boxes in the area of Ellinikon, Vouliagmenis Avenue (as part of the Commercial Hub), which is estimated to be completed within the first quarter of 2027 and the total cost is expected to reach approximately 68 million euros.
The development of a property of 34.2 thousand square meters, in Spata, opposite the Smart Park which was acquired last year by Trade Estates. The management has not yet decided the use of this area. However, the company’s financial report referred to the construction of a commercial park, in an area of approximately 9,700 sq.m., with a budget project of 17.7 million euros. 50% of this property belongs to Ten Brinke.
