Trastor AEEAP will enter the Cyprus market following the acquisition of an emblematic mixed-use property, under the name Labs Tower, valued at 39 million, with the prospect of further strengthening its portfolio in the area.
Trastor also looks forward to further deepening its cooperation strategy with Globe Invest, the single-family office of the Israeli billionaire businessman, Teddy Sagi, current owner of Labs Tower.
Globe Invest will continue to manage the Labs Tower (for 5 years with the possibility for another 5). As noted by its management, led by Marios Hatzigiannakis (CEO), the transaction paves the way for a wider possible cooperation between Trastor and the Group’s real estate division, Teddy Sagi.
It is noted that Globe Invest manages a real estate portfolio with a total value of 2.5 billion dollars, in major markets such as London, Miami, New York, Dubai, Madrid, Bucharest, while in Cyprus it operates in Nicosia and Limassol.
For its expansion in Cyprus, Trastor recently established a subsidiary company called Trastor Participations, with an initial share capital of 33 million euros and its management, under the managing director, Tasos Kazinos, informed about its intentions during the annual general meeting.
The property to be purchased – a landmark mixed-use office and residential property, with a height of 90 meters, 22 floors and 3 underground levels of parking, has a total area of 14,102 sq m. Its acquisition is subject to the fulfillment of specific conditions defined in the share purchase agreement, while the final price purchase price will be determined based on the net asset value (NAV) of Excelsior Hotel Enterprises Lim (which is the company it owns) at the time of completion of the transaction, taking into account the value of the property at 39 million.
The property purchase will be partially financed by funds raised from AEEAP’s latest share capital increase and bank borrowing, with the transaction expected to be completed next November.
Trastor AEEAP’s investment plan for this year amounts to 100 million euros. Alongside its geographical expansion, it is also attempting to enter the tourism sector (hotels).
Trastor has a portfolio of 60 properties, with a total value of 514.6 million euros, which yields an annualized rental income of 29 million euros. With Piraeus Bank as its main shareholder (holding 98.34%) at the end of 2023 it strengthened its capital structure with an increase in its share capital of 75 million euros. Trastor is expected to proceed in 2025 with a private placement in order to obtain the necessary dispersion in its stock.
