The company which recently absorbed the departments of operation, maintenance and design of spaces and buildings from OTE SA and COSMOTE MON. SA has a portfolio that mainly includes office buildings that host the companies of the OTE Group, warehouse buildings, plots of land and mixed-use buildings. 400 of them represent more than 80% of the fair value of its portfolio.
According to the management of OTE Estates, its main goal remains the relocation of the Group's services to privately owned buildings that will be renovated into modern workplaces. In this context, the final stretch is the completion of the renovation of the OTE Building in Marousi, a project that has been "running" since last year, and once completed it will receive Gold LEED and WELL certification, and into which COSMOTE's services will move, which until it now housed the Karela Office Park in Peania, one of the first certified green buildings in Greece.
At the same time, with the emblematic building of OTE in the "ring", the first phase of installation of electric chargers in the administrative building was completed.
At YMA NYMA, the OTE tower in Patision, the static strengthening has been completed, while it is estimated that the reconstruction studies will be finished by 2023.
The maintenance work, as the company's management says, for the rest of the properties reaches €900,000, while the legalization and regularization studies of properties throughout the country also continued. Specifically, 95 properties were checked for legality, legality restoration studies were carried out for 93 properties, and other studies and actions were carried out for 74 properties, while 110 energy efficiency certificates were issued.
The income from real estate leases to third parties of the group showed an increase of 17%, after the reduced income of the previous year due to the pandemic, while in 2022 8 new lease contracts were signed with third parties for buildings with a total area of 8,017 sq.m.
OTE's real estate subsidiary reported real estate rental income of 53.4 million euros, up 4%, EBITDA before fair value adjustment of investment properties amounted to 36.6 million euros, recording an increase of of 12% while net profits tripled reaching €117 million.
