Prodea proceeded with investments in commercial real estate, hotel units and residential properties under development, with a total value of 303.4 million euros in the first half of 2024.
As part of the strategic restructuring of its portfolio, which includes disinvestment from mature properties with the aim of forming a portfolio adapted to modern investment trends, it carried out a series of sales, the total value of which amounted to 82.6 million euros.
The fair value of the properties managed by Prodea amounted to 3,155.7 million compared to 2,717.3 million on December 31, 2023, a change which is mainly due to the acquisition of the majority percentage and control of the company Mediterranean Hospitality Venture Plc (MHV) which is now its main investment vehicle for hotel property investments.
According to the results presented by the company in the six months, an increase in turnover and a decrease in its profitability were recorded.
In particular, Prodea’s total revenue increased by 30.4% to 113.072 million from 86.693 million and this despite the decrease in rent due to property sales (rental income 75.210 million against 85.776 million). The turnover was boosted, among other things, by revenues of 24.233 million from the hotel sector, due to the acquisition of MHV, which did not exist in the corresponding half of 2023, as well as revenues from the sale of properties of 13.629 million against 917 thousand euros.
The fair value of the Group’s real estate investments rose by 48.281 million, versus an increase of 29.244 million in the corresponding period last year.
Its net debt obligations stood at 1,314.1 million euros at the end of the period compared to 1,126.7 million at the end of 2023.
Prodea’s latest investment moves include the acquisition of the 20% of MHV that it does not currently own (it owns 80%).
