During the presentation of the company's results at the Institutional Investors Association, the CEO of Premia, Konstantinos Markazos, stated that the listed company aims to build a portfolio worth €1 billion within three years.
According to the company's management, approximately €17 million has already been spent in the first quarter of the year, as part of a total investment plan of €50 million.
Presenting the current status of the portfolio, Konstantinos Pechlivanidis, Chief Property Investment Officer of Premia, emphasized that the company currently controls 61 properties totaling 471,000 square meters, an increase of 62% compared to the previous year, with a net asset value (NAV) of €2.08 per share.
Key Transactions in 2024
The most significant transactions for 2024 included the completion of green office buildings leased to AADE (Independent Authority for Public Revenue) on Piraeus Street (formerly Athens Heart), and the delivery of student housing in Xanthi. Additionally, the company completed the transaction for Skyline, in which it holds a 25% stake. Premia also added 11 new properties, including a modern logistics facility leased to Iron Mountain (a listed REIT on the New York Stock Exchange). Moreover, the company entered the hospitality sector by acquiring two resorts in Rhodes and Crete.
Comment on the Greek Real Estate Market
Commenting on the domestic real estate market, Mr. Pechlivanidis highlighted that there is still a significant gap between supply and demand across all types of real estate. Investors are particularly seeking high-quality and "green" properties. "This is why it makes sense for us to continue investing with an emphasis on quality, because that's where the demand is," he stated.
Premia's Focus Areas and New Investments
Premia focuses on sectors where it already has a presence, and mid-term expectations remain positive for sectors such as logistics/industrial properties, student housing, and hotels. Additionally, the company is selectively exploring opportunities to enter new sectors that are expected to have strong demand and growth potential.
In early 2025, the company acquired the Semeli Estate from the Lyktos fund of Michalis Sallas, leasing it to the Greek Cadastre. Additionally, by the second quarter of 2024, the office complex in Pikermi, previously housing warehouses and offices for Boutaris, is expected to be delivered. The project is leased to the pharmaceutical company Genepharm. Work is also underway at the Costa Navarino winery, which Premia acquired in collaboration with TEMES.
Financial Results for 2024
Premia's financial results for 2024 showed an 18% increase in revenues and an 18% increase in operating profitability (Adjusted EBITDA) on a consolidated basis, compared to 2023. The profit from the sale of investment properties amounted to €1.5 million for 2024, up from €1.2 million in 2023.
Mr. Markazos reiterated the company's forecasts, stating that revenue is expected to reach between €34 and €35 million, with EBITDA profits projected to increase by 55%, reaching €22 million to €23 million.
