Prodea REIC focuses on tourist real estate and logistics and is simultaneously planning changes to its corporate structure, as part of a broader redesign of its operations and strategy. Its planned investments in the two aforementioned sectors are close to 440 million euros.
The company announced last week agreements for the sale of real estate, worth a total of 1.275 billion, with its portfolio valued at approximately 1.883 billion, down from 3.158 billion at the end of the first half of the year when its last valuation was made.
According to Prodea’s president, Christoforos Papachristoforou, it is still being examined whether the company will continue to have the legal form of a REIC, while its exit from the Stock Exchange is not ruled out and there are no plans for a public offering of shares (placement).
“It’s too early to get into details, we will consider all alternatives in the next two years. We could become the mini Blackstone of southeastern Europe,” he added.
On his part, the CEO of Prodea, Aristotelis Karytinos stated:
“Our goal is to create a corporate structure with increased flexibility, which will be based on specialized pillars, so that each of them can attract its own investors, while providing the possibility of exit to existing shareholders.”
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