Trade Estates REIC aims to strengthen its portfolio by 31.8% at 760 million euros (Gross Fair Value) in 2028, having planned investments of 156.4 million euros for the next three years.
Based on the half-year data, the Gross Fair Value of its portfolio stood at 561.4 million euros at the end of June, compared to 541.5 million euros on 31.12.2024 (an increase of 3.7%).
Its new investments include the retail park in The Ellinikon (worth 75 million euros) next to the large shopping center The Ellinikon Mall. It also includes the construction of a logistics center with an area of 58.5 thousand sq. m. in Elefsina, with Kotsovolos as tenant, an investment of 47 million as well as the development of a second commercial park in Heraklion (10 thousand sq m), an investment of 28 million euros.
Its CEO, Dimitris Papoulis, said that “the project in The Ellinikon has been delayed by approximately 12 months and its completion is scheduled for 2028, which has postponed Trade Estates’ capital expenditure plan, while minor delays are occurring in the Elefsina project, due to the Land Registry.”
Opportunities
Foreseeing the opportunities presented in the field of large-scale Logistics developments due to the redefinition of the global trade map, Trade Estates decided to participate through the Goldair Cargo – Aktor Trade Estates consortium in the tender process for the selection of a concessionaire for the project “Development, Licensing, Construction, Operation, Exploitation and Maintenance of a Business Park on the property of the former Gonos Camp.”
In the first half of the year, Trade’s investments were worth 93.2 million euros , while investments of 52.3 million are expected to be implemented in the second half of this year.
Moreover, it has completed the Top Parks of Heraklion, Crete, in a total area of 14 thousand sq m and a budget of 23 million euros, with financing also from the Recovery Fund. The construction of the new International Distribution Center in the Aspropyrgos area of Attica, which will serve the distribution of IKEA products in Central and Eastern Mediterranean countries, is progressing according to schedule and will be completed in the fourth quarter of 2025.
“Our strategy to focus on two sectors (retail park and logistics center) continues to be profitable. The first half of the year was very positive and confirms our estimates for the entire year,” its President Vasilis Fourlis noted.
Based on management estimates, this year rental income will reach 40 million euros, an increase of 6.5% compared to 2024, EBITDA (earnings before interest, taxes, depreciation and amortization) will rise 4.1% at 31.3 million, and operating cash flow will total 16.5 million euros (up 8.5%).
In the first half, total revenue reached 25 million (up 15.6%) compared with the same period last year, rental income 19.9 million (up 11.7%), adjusted EBITDA 16 million (up 13.8%) and net profit, excluding gains from the revaluation of investment properties totaled 10.9 million (up 58.3%).
