Fourlis Group aims for TRADE ESTATES' listing in the ATHEX within 2023
Fourlis Group aims for TRADE ESTATES' listing in the ATHEX within 2023
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Fourlis Group aims for TRADE ESTATES' listing in the ATHEX within 2023

Three new medium-sized IKEA stores are scheduled to be developed or under construction in Greece with the aim of opening in the next 2-3 years.
RE+D magazine

The main goal remains TRADE ESTATES' listing to the market of the Athens Stock Exchange within this year according to what the FOURLIS Group reports in the financial results of the 1st quarter of 2023 that it published.

The REIC, a subsidiary of the Group, owns real estate of over 260,000 m2 with a gross appraised value (GAV) of €300 million and a net asset value (NAV) of €213 million.

The real estate portfolio of TRADE ESTATES REIC includes all the existing privately owned properties of the Group, which are used for the operation of RHF (IKEA), the logistic centers in Schimatari and Oinofyta, as well as new retail investment properties in Greece (Florida1 Retail Park and Piraeus Retail Park).

The company continues to implement its investment plan worth more than €250 million through purchases and development of additional commercial parks and logistics. It is recalled that the company recently added to its portfolio the Commercial Park of Kennedy Square in Halandri. The property was acquired by Ten Brinke Hellas in December 2022, with a total price of €6.5 million.

Last summer, FOURLIS HOLDINGS signed an agreement for the sale of 8.11% shares of TRADE ESTATES REIC to AUTOHELLAS. Through this agreement, AUTOHELLAS ATEE acquired the right to participate in an increase in the share capital of TRADE ESTATES REIC, with a contribution in kind. 

This increase will be covered, through a contribution in kind of property, specifically a plot of 45,408.04 sq.m. within a Business Park in the Vamvakia area of the Municipality of Elefsina after the complex of professional buildings and commercial warehouses on which TRADE ESTATES REIC will develop a modern Logistics center.

If it exercises its right, it will own approximately 12% of the share capital of TRADE ESTATES REIC, while the rest will belong to the Group through its subsidiaries.

Meanwhile Fourlis Group reports 21,1% jump in sales in first quarter of 2023

Fourlis Group, during Q1FY23 announced sales of € 116,6 million, 21,1% higher vs Q1FY22 (€ 96,3 mio). E-Commerce sales for the Group in Q1FY23 reached € 16,3 million. 

EBITDA(OPR) was € 2,6 million vs € - 0,7 million in Q1FY22. 

Losses Before Taxes were € 5,8 mio vs € losses of €7,4 million in Q1FY22.

The Group realized Net Loss of € 4,3 million vs net loss of € 5,7 million in Q1FY22. 

Fourlis Group Net Debt as of 31/03/2023 was € 220,6 million. € 123,0 million ( €122,0 million as of 31/03/2022) is related to the Retail activities of the Group and € 97,6 million (€ 86,5 million as of 31/03/2022) is related to the Real Estate activity (Trade Estates REIC).