As announced by the REIC's management, as of March 31, 2025, the Company’s property portfolio comprised 55 assets with a total value of €282 million, based on valuations as of December 31, 2024, compared to €285 million at year-end 2024. The slight change stems from two recent transactions:
A) On March 13, 2025, the Company sold two office units with a total surface area of 1,406 sq.m. (12th and 13th floors of Building A in the Athens Tower on 2-4 Mesogeion Avenue) for a total consideration of €4.2 million.
B) On March 18, 2025, the Company acquired a 1,500.38 sq.m. plot located within the settlement of Naoussa, Paros, in the area of "Agios Georgios." The plot is adjacent to the Company’s existing property housing the “Mr & Mrs White Paros” hotel. The purchase price was €1.25 million, and the Company intends to expand the hotel’s capacity using this land.
The portfolio's composition is as follows: 32% logistics, 28% office and mixed-use buildings (offices with ground-floor retail), 26% retail, 12% hospitality, and 2% special-use properties.
Q1 2025 Financial Highlights:
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Rental income rose by 53% to €5.4 million (vs. €3.5 million).
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EBITDA increased by 49% to €4.5 million (vs. €3.0 million).
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EBT rose by 53% to €3.2 million (vs. €2.1 million).
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Net profits increased by 60% to €3.0 million (vs. €1.8 million).
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Earnings per share (EPS) rose by 27% to €0.066 (vs. €0.052).
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Funds from Operations (FFO) grew by 64% to €2.8 million (vs. €1.7 million).
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Net Asset Value (NAV) per share increased to €3.49 (from €3.43 as of 31.12.2024).
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Net debt declined to €126 million (from €128.6 million), with Net LTV falling to 41.5% (from 42.6%).
Outlook for 2025
Following the successful merger with ICI and based on Q1 results, the Company estimates rental income will reach €21 million in 2025. Combined with disciplined cost management, this is expected to enhance profitability and dividend yields for shareholders.
Key priorities for the year include portfolio optimization through acquisitions in strategic real estate sectors, energy upgrades across the existing portfolio, and the divestment of non-core assets that no longer align with the Company’s investment strategy.
