Trade Estates’ business plan forecasts the implementation of investments totaling 132 million euros by the end of 2028, which are estimated to lead to a 23%-26% increase in its portfolio value.
Based on management estimates—presented by Chairman Vassilios Fourlis and CEO Dimitris Papoulis—the total value of the REIC’s properties (Gross Asset Value – GAV) is projected to rise from 602 million euros in 2025 to between 740-760 million euros by the end of 2028. The primary driver of this growth is three projects currently under development within the company’s investment pipeline.
The first project is the retail park at Ellinikon, a total investment of 75 million euros, of which approximately 31 million euros corresponds to the purchase of the land from Lamda Development and the remainder to construction costs. On the 27,100 sq.m. site, 28,500 sq.m. of gross leasable area (GLA) will be developed, consisting of 8-9 large-scale stores. The project is estimated to become operational in the first half of 2029.
According to Fourlis, the delay in starting the Ellinikon project is due to the revision process of the building permit for The Ellinikon Mall (developed by Lamda Development), a project linked to Trade Estates’ retail park. As he noted, the company had agreed to purchase the plot approximately three years ago at a price roughly 2.5 times lower than current land market levels in the area.
The Chairman of Trade Estates also referred to the overall development of Ellinikon, noting that it will bolster Athens’ competitiveness, while adding that investment interest has intensified due to geopolitical developments.
The second project is the development of a logistics center in Elefsina, with a total budget of 47 million. On a 106,000 sq.m. site, 58,500 sq.m. of gross leasable area (GLA) will be developed, with management noting that there is already an interested buyer. The project is currently in the urban planning phase.
The third project is Top Parks Heraklion 2, representing the company’s second development phase in Crete, with an investment of 25.5 million. On a 50,000 sq.m. site, approximately 10,000 sq.m. of GLA will be developed, which will operate along with the REIC’s existing retail park in the area.
It is noted that the 132 million represents the remainder of a five-year investment program totaling 250 million, which began in 2022. The objective is to complete the program while maintaining a Loan-to-Value (LTV) ratio below 60%.
Regarding geopolitical developments, Trade Estates’ management stated that their operations have not been affected so far; however, they estimated that potential prolonged tension in the Middle East could impact consumer purchasing power and, consequently, retail park revenues.
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