The total value of the OTE Group’s real estate portfolio increased by 8.2% to 1,148 million euros, based on the valuation at the end of 2023.
According to OTE Estate’s balance sheet data for last year, out of a total of approximately 2,300 properties, 200 of them represent approximately 80% of the fair value of its portfolio.
OTE will receive a 30.6 million dividend from its real estate subsidiary this year, however, the biggest benefit from it comes from renovations and real estate development.
The renovation, for instance, of its main building in Maroussi, which has been completed and the WELL and LEED certification process is in progress, is estimated to bring a cost reduction to the Group of approximately 1 million euros annually, thanks to the reduction in energy consumption (3GWh) and water, as well as the maintenance costs. It is a building with a total area of 45,600 sq.m. which houses 4,200 workers.
OTE Estate
In the previous fiscal year, OTE Estate’s total revenue increased by 5.8%, to 66.5 million, due to increased revenue from real estate rental and services. The increase in real estate rental income is attributed to the readjustment of rents, as well as to the further leasing of the renovated wings of its main building.
An 18.2% increase was recorded in the income from property leases to third parties. They include 11 new lease contracts for properties with a total area of 14,700 sq.m.
Earnings before taxes, interest and depreciation (after readjustment to fair value of investment properties) were 40.7 million versus 36.6 million (up 11%) and profit after tax at 88.1 million, versus 116.9 million in 2022.
