Prodea Investments is planning real estate investments with a total cost of 518.2 million euros, aiming to upgrade the quality of its current portfolio.
Based on its plans, the planned investments are expected to be completed in 2027.
Following the conclusion of the procedure, their value will exceed 650 million euros, while they will generate (second half of 2027) annual revenue of 26.2 million euros.
A significant part of these new investments concerns modern – “green” offices, amounting to 237.8 million (development cost), 97.057 million hotels, 82.777 million Logistics, 68.856 million apartments for sale and 31.725 million apartments for rent.
According to the executives of Prodea, the main shareholders of the company (with the biggest investment capital Castlelake) control about 82% (in the dispersion with a percentage of less than 5% it is about 13%).
As the president of the company, Christoforos Papachristoforou and CEO Aristotelis Karytinos said on the sidelines of the annual general meeting, a private placement for the disposal of a percentage of the company’s shares is desirable and will be pursued when conditions are suitable.
“With such high interest rates, you cannot proceed with a private placement. The discount of 30% on the value of the company – usual in the current conditions, is prohibitive for such a move, much more so when we implement real estate sales with very significant capital gains,” they noted.
Prodea owns a portfolio under management (Assets Under Management – AUM) of a total value of 3.1 billion euros (338 properties) with an average yield of 6.4% (gross rental yield), occupancy at 92% and annualized rental income of 145.8 million euros.
