According to their financial statements the Greek REICS have mainly invested in office properties and land plots. Nevertheless, logistic and retail assets have also been comprised in their purchases.
After two difficult years for the global economy due to the COVID 19 pandemic and the uncertainty in the global and domestist real estate industries, the Greek REICs have been consistent and commited to their investment strategies and deployed investments in anticipation of a recovery ahead.
During the first hald of 2021, committed to the principles of environmental and social governance (ESG), the companies choose mainly "green" offices but also modern warehouses, while the agreements concerning the great work of Elliniko continue to be in the center.
Prodea Investments
In particular Prodea Group proceeded within the first half of 2021 to enhance its portfolio both in the domestic market and abroad. On January 22, 2021, it completed the acquisition of 47 parking spaces with a total area of 507.6 sqm, on a property located at 44 Kifissias Avenue in Maroussi, Attica with the price reaching € 367 (excluding acquisition costs of € 19). A month later the REIC acquired a property with a total area of 2.4 thousand sq.m. on 377 A. Syggrou Avenue for € 3,100 (excluding acquisition costs of € 54). On June 30, 2021, a plot of land with a total area of 2.6 thousand sqm in which it plans to develop luxury homes of modern standards based on the principles of sustainable development. The acquisition price of the plot amounted to € 4,400. It is noted that in April the company acquired an additional percentage of 36.22% against € 4,709 thousand in the subsidiary of Aphrodite Springs Public Limited which through Aphrodite Springs owns 1,472 thousand square meters of land and is licensed to develop a golf course and 125 thousand square meters of housing and real estate for additional uses.
On February 25, 2021, the company Picasso Fund acquired a property using offices and parking lots in Milan, Italy, with a total area of 11.1 thousand sq.m. which is leased for the most part to tenants with sufficient creditworthiness. The price for the acquisition of the property amounted to € 19,000 (excluding acquisition costs of € 620). On March 26, 2021, Prodea acquired a majority stake in 80% of the shares of CI Global RE S.a.r.l. SICAF-RAIF (hereinafter "CI Global") based in Luxembourg (corresponding to 46.2% of the financial rights). CI Global owns the shares of Fondo Tarvos - Fondo Comune di Investimento Alternativo Immobiliare di Tipo Chiuso Riservato (hereinafter "Tarvos Fund"), which owns 11 commercial properties in Italy.
On April 7, 2021, the Company acquired an additional percentage (36.22%) for € 4,709 in its subsidiary Aphrodite Springs Public Limited. Upon completion of the transaction, the Company holds 96.22% of the share capital of Aphrodite Springs Public Limited. Aphrodite Springs covers 1,472 thousand sqm. land, and is licensed for the development of a golf course and 125 thousand sqm. residential and real estate complementary uses.
On May 6, 2021 the Company inked a Contract for the Sale of Registered Shares with the company LAMDA DEVELOPMENT S.A. for the acquisition of all the shares of LAMDA ILIDA OFFICE S.M.S.A., 100% subsidiary of LAMDA DEVELOPMENT S.A. and owner of the office building "ILIDA BUSINESS CENTER" in Maroussi. "ILIDA BUSINESS CENTER" is an emblematic and timeless office building of high quality construction, has a total superstructure area of 11,750 sqm. and has a total of 277 parking spaces.
Noval purchases Kodal premises
Noval Property enganed in extended investments during the same period, with the acquisition of the former Kodak property in Maroussi after a tender to be an iconic for the local market. Specifically, at the beginning of April the company acquired a residential property which is located in Kefalari, Kifissia, with a plot of 839.79 sqm and a house with a total built-up area of 422.75 sqm. with a price of € 1.26 million On April 5, 2021, he took a plot of land which is located on Chimarras Street of the Municipality of Maroussi with a total area of 1,635.29 sq.m. with a price of € 1.27 million.
On April 6, 2021, he bought a plot of land which is located on Chimarras Street in the Municipality of Maroussi, with a total area of 262.89 sqm for € 225 thousand. In the same area through "THE GRID SA" (in the share capital of which it participates in a percentage of 50%), was announced with the report of the special administrator from 17.02.2021, bidder of the tender for sale of the property of the company under special management with the name "EKTASIS DEVELOPMENT" SOCIETY SA located on Chimarras and Maroussi - Chalandriou streets in Maroussi, with a total area of 16,109.77 sqm. with a total offered price of € 28,605 thousand.
In the context of the above bidding, a Bank Guarantee Letter was issued in favor of THE GRID SA. amount equal to the price offered. Against this letter of guarantee, the Company provides a corporate guarantee up to the amount of € 4,290,750.30 in favor of THE GRID SA, in proportion to its participation in the share capital of the latter.
Trastor's logistics investments
Trastor REIC put up on sale gas stations and other properties in its portfolio during the first half of 2021, however, it also proceeded to acquire other assets. In particular, at the beginning of March he bought a commercial warehouse in the area "Dyo Pefka" in Aspropyrgos. The warehouse has a total area of 11,634 sqm and the price for its acquisition amounted to € 6,900,000. On 01.07.2021 the Company acquired 100% of the corporate shares of "SYZEFXIS COMMERCIAL-TECHNICAL-ENERGY AND REAL ESTATE LIMITED LIABILITY COMPANY", which owns a commercial warehouse of 26 sqm on a plot of 11,349 sqm located in "Roupaki" or "Melissia" in Aspropyrgos, Attica, fully leased.
The total investment for the company's shares amounted to € 2,325,574 while the value of the acquired assets of the acquired company amounts to € 2,800. On 06.08.2021 the subsidiary DORIDA KTIMATIKI SA acquired a plot of land of 16,013.50 sq.m., located at "Melissia" in Aspropyrgos, Attica, which is adjacent to its existing property. The price for the acquisition of the plot amounted to € 800,000.
More warehouses and logistic properties in BriQ's portfolio
On February 11, 2021, BriQ Properties proceeded with the purchase of an independent office building with a ground floor store located at 3 Dimitriou Gounari Street in Piraeus. The building consists of a ground floor store, five office floors and underground storage spaces, has a total area of 2,428 sqm and is fully leased. The price for the above purchase amounted to € 2,100 thousand (excluding acquisition costs € 46 thousand). During the examined period, the Company proceeded to the purchase of three (3) adjacent plots with a total area of 18,083 sqm. located in Aspropyrgos, Attica at "Imeros Topos". The total price for the purchase of the three plots amounted to € 1,038 thousand, not including acquisition costs of € 16 thousand. These plots are adjacent to the existing plots of the Company on which it is already developing a modern Storage and Distribution building. As a result, today the single plot area for development in Aspropyrgos amounts to a total area of 103,001 sqm.
During the summer, the listed company was declared the highest bidder in a public auction conducted electronically via e-auction for the acquisition of a plot of land located in Naoussa, Paros, bordering the hotel property owned by MMW Paros, with a total area of 501 sqm. The total price for the purchase of the plot amounted to € 203 thousand, not including acquisition costs of € 4 thousand. 258.13 sqm. located at 3 Mitropoleos Street in Syntagma with a total price of € 1,050 thousand.
ICI REIC acquires GSK' premises
On June 3, 2021, the ICI REIC Group completed the purchase of a commercial property (office building) with a total area of 3,614.25 sqm. on 266 Kifissias Avenue in Chalandri, for € 12,050,000. The Group also acquired another property on July 30, 2021. It is a two-storey supermarket building, with a total area of 4,408.32 sqm. in Pikermi, Attica. The property was acquired for € 8,086,970.
