The total value of the portfolios of Real Estate Investment Companies increased by 14.7% in the first half of this year compared to the end of 2023.
The 9 companies, which after the merger of BriQ and ICI will become 8, manage investments with a total value of 5.514 billion euros, compared to 4.805 billion on 31.12.23 with the largest increase in the portfolios of Prodea Investments (23.5%), Trastor (14.4%) and Premia Properties (12.2%).
During the same period, their total assets rose by 9.9% to 6.202 billion euros from 5.639 billion euros.
The sector continues its development course with investments mainly in hotels, offices and logistics.
In the first six months, Prodea made investments in hotel units, commercial properties and residential properties under development, with a total value of 303.4 million euros. The largest, amounting to 254 million, related to the increase of its participation in MHV – Mediterranean Hospitality Venture, which specializes in the development of luxury hotel units. At the same time, as part of the strategic restructuring of the composition of its portfolio, which includes disinvestment from mature properties, it sold properties with a total value of 82.6 million euros.
Real estate
Five projects, of which two are being completed this year and will start generating revenue from 2025, are being developed by Noval, which is associated with the Viohalco group.
Trastor exceeded the milestone of 0.5 billion euros in portfolio value, while expanding in Cyprus, acquiring an iconic mixed-use property, under the name Labs Tower, worth 39 million euros. The property for sale – a landmark of Nicosia, extends into a total area of 14,102 sq.m. and has offices and residences, 22 floors and 3 underground levels of parking. Trastor is also looking at other properties in Cyprus.
Trade Estate signed a preliminary sales agreement with Ellinikon (subsidiary of Lamda Development), for the implementation of a Retail Park in the Commercial Hub, where The Ellinikon Mall will also be developed with the total investment estimated at 75 million euros.
Premia announced its first investment in the tourism sector through a sale and leaseback agreement with the Nordic Leisure Travel Group (NLTG). It concerns two 4-star hotels in Rhodes and Crete with a total capacity of 800 rooms. Premia’s collaboration with the NLTG group is characterized by its strategic management as it is strengthened by an agreement for its participation in a future increase in its share capital.
The merger of BriQ Properties and Intercontinental International (ICI) is soon to be completed with the new company having a portfolio with a total value of 280 million euros to manage. The dispersion in its share (the largest among AEEAP) will be 41.3%.
