Trastor REIT (Real Estate Investment Company) is entering a new phase, planning a capital increase of 120 million through the sale of new shares.
Based on published data, its Gross Asset Value (GAV-the current value of all its assets) amounted to 670 million in 2024 from 468.7 million in 2023, showing an increase of 43%, yielding annualized rental income of approximately 30.5 million euros.
As Trastor REIC CEO Tasos Kazinos noted to “N”, “based on the company’s fundamentals, we estimate that we could proceed with an increase in our share capital to approximately 120 million euros during the first half of the year, through the offering of new shares to the general public. In this case, our main shareholder, Piraeus Bank, could participate with approximately 60 million euros and in this way achieve a dispersion in our share of 15% to 17%. Our final decisions will be made at the annual general meeting of shareholders next March when the 2024 financial statements will be approved.”
“Our goal,” the CEO explained, “is not only to adapt to the new regulation on the dispersion of shares of listed companies. The planned share capital increase is the beginning for us to establish ourselves among REICs as the main pole that will address the general investment public. We are starting with Piraeus Bank as our main shareholder, a large bank, a regulated organization, and this has its importance in the choices of private investors (Note: Piraeus currently holds 98.34% of REIC’s share capital).
I believe that REICs must be companies with size, depth and have marketability in their shares in order to address the general public, as was the primary goal of their establishment. That is, to give the opportunity to “small” investors to invest in real estate while enjoying a satisfactory and stable annual income.
We all know that the majority of Greeks are not familiar with personal stock market investments that provide some income either directly or through pension plans during retirement so that you can live with dignity. Part of this additional income can be secured by a share – shares in a REIC. Until recently, we believed that the state would take care of our pension, which would increase every year, but after the ten-year economic crisis this has naturally disappeared. Regarding the company’s investment strategy, Kazinos emphasized “we focus on green offices and logistics and geographically in Greece and Cyprus. We estimate that we will build a portfolio of quality offices that will correspond to approximately 10% of the value of our total portfolio. We are considering the possibility of entering a third real estate category, however, we have not made final decisions on whether it will be, for example, the hotel, data center, or student housing sector.”
Trastor’s portfolio value is expected to exceed 1 billion euros by 2027 and will be in a position to offer its shareholders stable dividend yields and surplus values.
At the end of 2024, Trastor’s portfolio (based on values) consisted of offices at a rate of 55.2%, Logistics 20.3%, mixed-use 11.3% and Retail 9.9%.
