The Group’s revenue in the year ended 31.12.2019 amounted to €175.1million vs €121.4million in 2018.
The increase is mainly due to the company’s significant investment activity during H2 2018 and 2019.
Gain from the revaluation of investment property amounted to €179.8million in 2019vs €46.3million in 2018, reflecting the significant recovering trend of the Greek real estate market, especially regarding commercial real estate properties with investment fundamentals similar to the ones of the Group’s portfolio.
As a result of thecurrent dynamicsof the Greek real estate market, in 2019 Prodea Investments recognised a gain of €19.1million from disposal of four investment properties located in Athens.
The sale price exceeded the carrying value of the propertiesby c. 26%.
Earnings before interest, taxes, depreciation, amortization and before net gain from fair value adjustment of investment propertyas well as other non-recurring income, such as gain from disposal of investment property (adjusted EBITDA) increased from €101.6million in 2018 to €115.9million in 2019.
The Group’s NAV as of December 31, 2019 amounted to €1,419.3million or €5.56per share vs €1,286.6 million and €5.04per share, respectively as of December 31, 2018.As of December 31,2019, the Group’s real estate portfolio consisted of 372commercial properties, of a total leasable area of 1,300thousand sq.m..
Three hundred and twenty eight (328) of the properties are located in Greece, mainly in prime areas.In addition, twenty six (26) properties are located in Cyprus, fourteen (14) properties in Italy, two properties in Bulgaria and two in Romania.
The fair value of the Group’s investment property (incl. hotels and other related facilities and real estate inventories) as of December 31, 2019amounted to €2,222.6million.
