Prodea REIC is carrying out investments worth 435.2 million euros, within the framework of a total investment plan of 837.8 million euros (402.6 million have already been allocated).
The company has also launched the sale of a property worth a total of 783 million euros, seeking to transform its portfolio, with the largest agreement concerning the sale of a portfolio worth 580 million to the Aktor Group, due to be completed in the next two months.
Moreover, the company reiterated its goal is to focus on tourist properties and logistics, noting that it will continue to be interested in “green” offices.
Property sales
According to Prodea’s president, Christoforos Papachristoforou, and CEO, Aristotelis Karytinos, property sales will continue as long as it is judged on a case-by-case basis that it is a profitable transaction. They spoke of a good period in terms of the property categories in which the company operates, but also in terms of real estate as a whole, as interest rates have fallen.
Prodea plans to place all its tourism-related real estate assets under MHV, its 100% subsidiary, as part of its strategic goal to operate exclusively in the ultra-luxury hotel segment.
Prodea’s assets estimated at 3.2 billion euros
The value of Prodea’s assets under management (AUM) is 3.2 billion euros and after the sales that have been initiated, it will reach 2.4 billion euros.
Tourist properties will rise from 17% of the total value of properties under management to 23%, and offices from 42% to 35%, residences (the vast majority of which are connected to hotels) from 6% to 8%, Logistics from 5% to 6%, Retail – big boxes from 14% to 7% and Bank branches from 12% to 17%.
