Premia Properties announced the publication of its Annual Financial Report for 2024.
It is noted that, on 27.2.2025 Premia Properties announced in summary (flash note) the financial results for the year 2024, which is also available on the abovementioned websites.
- 61 properties and 471 thousand sq.m. of buildings under management with the total investment value amounting to € 497.8 million, increased by 62% compared to 2023*. Sufficient diversification of portfolio in terms of type of properties and tenants and strong performance indicators with the gross yield of the income generating properties reaching 7.2% and the weighted average duration of real estate leases (WALT) standing at 9.9 years as of 31.12.2024.
- Delivery of major projects, addition of new properties and active portfolio management. Commencement of operations for the green office complex in Tavros, housing the central services of the Independent Authority for Public Revenue (IAPR), as well as for the modern student accommodation in Xanthi. Addition of (11) new properties, with the largest transactions being the acquisition of two 4* hotels in Rhodes and Crete, with a total capacity of 796 keys, leased to Nordic Leisure Travel Group ("NLTG") and the modern logistics property of 11,301 sq.m. in Aspropyrgos, leased to Iron Mountain Hellas S.A. Selective sales of properties with significant profits (Katerini, Santorini), as well as exploitation of existing properties, with the launch of the development of a property owned by PREMIA in Pikermi, which will include offices and pharmaceutical production facilities, leased to the pharmaceutical company GENEPHARM. The estimated completion of this project is set within the second quarter of 2025. Continuation of PREMIA’s investment plan in 2025 with main transactions including the acquisition of Semeli Estate, an office building in Thessaloniki, leased to the National Land Registry and a building in Larissa which, together with the buildings acquired in Volos and Xanthi, are converted into student residences.
- Strategic partnerships with institutional partners and completion of important transactions**. In January 2024, the Company signed a strategic partnership with TEMES S.A. in the wineries sector, which is currently under implementation. In December 2024, PREMIA completed its first investment in the tourism sector through a sale and leaseback agreement with NLTG Group. As a culmination of the strategic partnership, NLTG Group acquired a 9.7% stake in PREMIA's share capital. Furthermore, the Company in cooperation with Sterner Stenhus, the Antetokounmpo family and other private investors proceeded to the acquisition of Village Shopping & More shopping center in Renti, with the aim of creating a state-of-the-art sports and entertainment center. Finally, in December 2024, one of the largest real estate transactions of recent years in the Greek market was completed, concerning the acquisition of 65% of the share capital of Skyline Real Estate Single Member S.A. ("SKYLINE") by the investment scheme P&E Investments S.A., in which PREMIA participates with 25%, while DIMAND Group participates with 55% and the European Bank for Reconstruction and Development ("EBRD") with 20%. ALPHA BANK Group retained a 35% stake in SKYLINE.
- Revenue grew by 18% and operating profitability (Adjusted EBITDA) increased by 18% on a consolidated basis, compared to 2023. The profit from the sales of investment properties amounted to €1.5 million for 2024 against €1.2 million for 2023. Profits after tax were significantly higher, mainly attributed to higher adjustments in the fair value of investments versus the previous year as well as in an increase of the value of investments in joint ventures and associates amounting to €11.7 million.
- Solid financial structure with the Group’s total equity amounting to €198.1 million, net debt €288.4 million and total Group Assets shaping at €524.9 million. PREMIA's strong credit rating was reaffirmed by ICAP CRIF S.A., which in October 2024, in the context of the annual review, maintained an A rating.
- Conservative debt profile with competitive terms and resilience to changes in interest rates. The Group's average cost of debt stands at approximately 3.6%, while the weighted average duration of loans stands at 7.9 years. 61% of existing debt has a fixed interest rate, of which 32% concerns the publicly traded bond, 21% refers to debt of the two hotels and 8% relates to loan agreements under the Recovery and Resilience Fund (RRF).
