The new storage and distribution (logistics) center in Aspropyrgos, an investment totaling 70 million euros, will be delivered to InterIkea Group by Trade Estates REIC in 2025.
According to competent executives, the construction work of the new logistics, with a total area of 51.1 thousand sq. m., is progressing at a rapid pace and by the end of the year it will be ready to welcome IKEA products to be distributed in other countries. Initially, it will serve the supply of IKEA stores in Bulgaria, Greece, Jordan, Israel and Cyprus, with the aim of adding additional countries in the future.
As part of the project financing process (which will also include financing from the Recovery Fund), Trade Estates is covering the issuance of a bond loan of 9 million euros on behalf of Evitenco until 31.12.2028, with a fixed interest rate of 5% per annum and a lump sum repayment of capital at maturity.
Trade holds a 44.69% stake in Evitenco (owner of the plots of land on which the storage center will be built in the industrial zone of Aspropyrgos at the Patima – Lako Katsari location). The remaining stake belongs to the real estate development company Ten Brinke, which will withdraw from the project upon its completion.
Specifically, the aforementioned company owns land with a total area of 106,000 sq m. and is in the process of completing the acquisition of adjacent land plots, with the aim of forming a single area of 111,000 sq m. after their merger.
The construction of the new logistics with the tenant InterIkea Group is being carried out by Trade Estate and Trade Logistics (a Fourlis Group company that will invest in the warehouse equipment and will undertake their operational management) in collaboration with Ten Brinke. The estimated construction cost amounts to 40-45 million euros.
According to the management of Trade Estates, this investment will increase the Gross Fair Value of its portfolio by 45 million euros and will add approximately 3 million euros to its annual revenues from 2026.
