According to the company's official announcement, as of December 31, 2024, the total portfolio developed and managed by the Group (Assets under Management - AuM), through the Company, subsidiaries, and joint ventures, consisted of 13 projects in various stages of completion, in urban areas throughout Greece, with uses of offices, residences, logistics, residential and hotel complexes, as well as mixed uses.
As of December 31, 2024, the total estimated gross development value (GDV) upon completion amounted to c. €1,024mn (31.12.2023: 20 investment projects with a GDV of c. €1,195mn).
The fair value of the Group’s investment properties (incl. inventories) amounted on December 31, 2024, to c. €142mn vs €167mn as of December 31, 2023, and the fair value of the investments in joint ventures1 amounted on December 31, 2024, to €87mn vs €53mn as of December 31, 2023.
Cash and cash equivalents as of December 31, 2024, amounted to €38mn vs €12mn as of December 31, 2023. As of December 31, 2024, net borrowings of the Group amounted to €34mn (31.12.2023: €67mn).
In FY 2024, the Group and the Company continued the implementation of their investment plan, through addition as well as sale of properties and the undertaking of new service business.
The most important events of 2024 were the following:
- The commencement of the Piraeus Tower’s operation.
- The transfer by Citrus S.M.S.A. (100% subsidiary) to the Black Sea Trade and Development Bank of a property, located on 26th October in Thessalonki, which will house the bank’s new headquarters,
- The transfer, as part of the strategic cooperation with Piraeus Bank, of the shares of Iovis S.A. (100% subsidiary), owner of a property at 30 Korai and 4 Stadiou str. in Athens, which (property), following its reconstruction by Dimand, will host the bank’s divisions.
- The transfer of 65% of the shares of Ourania Ependitiki S.A., owner of the first largescale, sustainable business park in Northern Greece located at 26th October str. in Thessaloniki.
- The transfer of the shares of Severdor Ltd (100% subsidiary), sole shareholder of Insignio S.M.S.A., owner of the new, state-of-the-art PWC office complex located at 65 Kifissias Avenue in Maroussi.
