Aktor is expected to purchase Prodea’s portfolio of 56 properties with a discount of 3% and an average yield of 7%.
Prodea’s properties are valued (fair value 30/6/24) at 600 million euros and Aktor will offer 582 million euros. The largest properties in this portfolio are HUB 26, an office complex in Thessaloniki, the Avenue shopping center in Kifisias in Athens and the City Tower in Bulgaria.
This is one of the largest transactions ever made in Greek real estate that is expected to be completed by May 31, 2025.
The portfolio to be transferred has a loan of 50%. When the deal is completed, it will remove from Prodea debt obligations of approximately 300 million euros.
Aktor will enter into its own loan under new terms. Meanwhile, 75% of the amount will come from non-recourse Bank Debt (432 million), 15% from non-recourse Sub Debt and 10% from equity.
Prodea is expected to use the proceeds from this sale for new investments, repayment of debt obligations and possibly an increased dividend for its shareholders. It is reportedly in talks to sell two other (smaller) property packages, with Trastor AEEAP being one of the buyers.
