Aktor Group will allocate the equity capital of approximately 50 million euros, which was intended for the acquisition of Prodea’s real estate portfolio, to new investments in the concessions sector and in RES (Renewable Energy Sources), according to Aktor’s president and CEO, Alexandros Exarchou.
Exarchou reiterated that there will soon be news about a new concession contract which it is negotiating to include in the Group’s portfolio.
The reason why the deal did not proceed
Explaining the decision not to proceed with the acquisition of the real estate portfolio, worth 579.4 million, he noted that the agreement with Prodea was – at the time it was announced and agreed – advantageous for both parties, as the Group was looking for future stable cash flows from prime properties, estimating that the rate of increase in the construction backlog could decrease in the future.
Exarchou added: “What changed Aktor’s view was the fact that securing the acquisition of Aktor Concessions brought the same flows and EBITDA (earnings before interest, taxes, depreciation and amortization) with a smaller and cheaper debt burden. This led us to the decision not to enter into a difficult transaction with many uncertainties, such as the possibility of deflationary inflation, due to the financial structure of this transaction.”
