Trastor REIC aims to invest 100 million euros for the acquisition of new properties in 2024, while considering its expansion in the tourism sector (hotels) and in the market of Cyprus.
At the same time, the construction of a five-story office building with three basements in Marousi, with a total area of 9,500 sq.m., is in progress. It is expected to be completed in 2025 with LEED certification, and a minimum Gold rating. It is the first time that Trastor is proceeding with its own development of office space.
The president of the company Lambros Papadopoulos said that the market in which Trastor mainly operates, i.e. green offices and logistics, has begun to mature with yields decreasing at a time when the opposite is happening in the eurozone, while its further course will depend on the general developments in the economy.
Regarding the possible expansion in the tourist industry as a real estate owner, he mentioned that a new market is opening from hotels that were bought by funds and now they want to disinvest. As he said, “it is something new that is evolving and seems to be an opportunity.”
Trastor has a portfolio of 60 properties, with a total value of 514.6 million, which yields an annualized rental income of 29 million euros.
