"Deal Done" between Trade Estates and REDS for the Smart Park
The agreed value of the commercial park for the transaction amounted to €110 million.
REDS Smart Park was acquired twelve years after its opening in October 2011.
Trade Estates REIC, a subsidiary of the FOURLIS Group, which is preparing for its listing on the Athens Stock Exchange, proceeded to sign a binding agreement with REDS, for the purchase of 100% of the shares of "GUALOU MONOPROSOPE ANONUME ETAIRIA EMPORIKON TOURISTIKON DRASTERIOTETON & EKMETALLEUSES AKINETON" owner and manager of the shopping center.
The agreed value of SMART PARK for the transaction amounted to €110 million (on a debt free-cash free basis) while REDS will collect for the sale of GUALOU with a reference date of 31-8-2023, approximately €93 million. The exact amount of the price will be finalized on the closing date of the transaction.
SMART PARK is located at Gyalos, within the "Petra-Gyalou-Agios Dimitrios-Pyrgos" Business Park, in the Municipality of Spata - Artemis and extends over an area of approximately 91,000 sqm It has a gross leasable area of 50,592 sqm, green areas of approximately 30,000 sqm as well as 1,500 parking spaces.
The first 35,000 sqm of the shopping center was inaugurated on October 20, 2011 with 80% leased a few days after the announcement of the much-lauded "divorce" with the British Henderson which had agreed to buy it at the time for €70 million. The remaining 15,000 m2 worked at the end of 2019
Trade Estates AEEAP's portfolio includes eight commercial parks both in Greece (Thessaloniki, Ioannina, Agios Ioannis Rentis) and abroad (Bulgaria and Cyprus), while it is planning the development of three more (two of them in Patras and Heraklion in collaboration with TEN BRINKE HELLAS) including the commercial park of 30,000 sqm in the shopping area of Ellinikos towards Vouliagmenis next to Vouliagmenis Mall.
It is recalled that the company together with TEN BRINKE HELLAS, (they participate with 50% each in the share capital of SEVAS TEN AE) are planning the development of a property owned by SEVAS TEN AE, located right next to the Smart park, with a total area of 34,200 sqm. The initial plans were to build a commercial park there with a gross leasable area of 9,650 sqm. However, according to what Vassilis Fourlis himself had stated at the last General Assembly of the company, the project is in a redesign phase.