Premia Properties builds its portfolio with a Swedish "air"
Premia Properties builds its portfolio with a Swedish "air"
  Private Equity  |  Economy  |  Greece

Premia Properties builds its portfolio with a Swedish "air"

The value of the portfolio of Premia Properties, previously known as Pasal Development, is expected to reach € 200 million, from its current € 110 million.
Ειρήνη Θεοφανίδου

According to Mr. Elias Georgiadis, the value of the portfolio is expected to reach € 200 million this year.

 According to statements of the management during the Extraordinary General Meeting held on Friday with the sole issue of changing the company's name, the goal of the main shareholder of the Greek-Swedish Ilias Georgiadis (owner of Sterner Stenhus) is for the value of the company's assets to reach € 500 million during the upcoming years. According to the management, Premia Properties intends to proceed in April with a new increase in share capital, which will be made in cash and in-kind contribution.

What properties does it focus on?

As the CEO of the listed company Costas Markazos made known, the company focuses on the exploitation of large commercial real estate, retail, logistics and social real estate that focus on health, care and education. Mr. Georgiadis added: "It is a new beginning for Pasal, we have already achieved our first goals and today we have a portfolio of about € 120 million.

We believe in the Greek real estate market and plan new investments, not only in Athens, but also in the region. The pandemic has set a new reality in real estate, however, in the sectors where we operate there is no particular impact. Our experience from Sweden has shown us that we need to look at the quality of employees and Premia currently has reliable employees." For the company itself, the average yield of its properties at the moment is close to about 8% and "for the properties that will be acquired in the future we intend to have more than 7.5%, depending on the region and the sector ( logistics, industrial, commercial real estate) ".