Trastor launches conditional share capital increase

In contrast to the unsuccessful 2025 attempt, the new share capital increase (SCI) is structured with greater flexibility, enhanced free float requirements, and a clear strategic focus on broadening the investor base.

The targeted size of the offering is estimated at approximately €150 million, representing an increase from the ~€120 million envisaged in the previous decision. However, the final amount remains subject to market conditions and will ultimately be determined through investor demand during the bookbuilding process. Management aims to launch the transaction in late April or early May, with international geopolitical developments and their impact on real estate markets expected to be a key timing consideration.

A central pillar of the revised strategy is the increased participation of foreign institutional investors. In this context, the company has already conducted investor presentations in London and is planning additional roadshows across other European markets and the United States.

A notable shift compared to the prior structure concerns the role of the majority shareholder, Piraeus Bank, which currently holds a stake exceeding 98%. Unlike the previous SCI, where a €60 million cornerstone commitment had been secured, no such fixed participation has been pre-agreed this time. As explained by CEO Tasos Kazinos during the recent General Meeting, the bank will backstop the transaction as needed to ensure its successful completion, while allowing for broader third-party investor participation.

Another key feature of the new SCI is the strict free float requirement. Specifically, a minimum free float of 15% of total shares (existing and new) must be achieved. Should this threshold not be met, the offering will be cancelled in full—irrespective of the amount subscribed—and all funds will be returned to investors without interest.

On the operational front, 2025 marked a year of strong growth for the company. The portfolio value increased by approximately 23%, reaching €822 million, with a significantly strengthened presence in the logistics segment. The company now controls roughly 47% of “green” logistics assets, following the addition of a large, modern warehouse in Aspropyrgos.

Rental income rose by 32.9% to €40.6 million, while net profit after tax reached €36.3 million. Portfolio occupancy remained exceptionally high at 98%, and the weighted average unexpired lease term (WAULT) stood at 6.1 years, underpinning strong forward income visibility.

The portfolio composition is primarily weighted towards office assets (54%) and logistics (28%).

The Net Loan-to-Value (LTV) ratio stands at 48.3%, while Net Asset Value (NAV) increased to €415.3 million. NAV per share rose by 7.8% to €1.697.

Development pipeline

According to management, several key projects are nearing completion within the year. These include the refurbishment of a property on Vasilissis Sofias Avenue, which will be leased to IPTO (ADMIE), as well as a listed building in Kolonaki (expected in autumn), which is already attracting strong tenant interest. In addition, the office building on Chimarras Street in Marousi has been completed and is currently 90% leased, with discussions ongoing for the remaining space.

The company is not considering expansion into other real estate asset classes beyond modern office and logistics properties, nor is it planning geographic diversification outside its current markets.

Dividend distribution

The Annual General Meeting approved a dividend distribution of €0.04 per share from FY2025 earnings, representing a 33% increase compared to the previous year.

As of Thursday, March 26, 2026, the company’s shares will trade ex-dividend on the Athens Stock Exchange. The dividend payment date has been set for Wednesday, April 1, 2026.