According to available information, Hellenic Hypermarkets Sklavenitis, a prominent food retail group, holds the right of first preference for the acquisition of certain assets. It is important to note that, in addition to the National Bank, Sklavenitis accounts for more than 10% of the rental income of the Real Estate Investment Company (REIC). As of the period ending June 30, 2024, the rental income from Sklavenitis amounted to €7,525, which represents 10.2% of the total rental income generated by the REIC.
Sklavenitis is expected to acquire several key properties, the first of which is located at 97 Petrou Ralli Street in Nikaia. This property consists of a retail space with a total area of 34,909 square meters. The acquisition value of the property is €12.39 million, while its objective value is €25.61 million. Additionally, Sklavenitis will acquire a second property situated at 3-5 Himaras Street in Maroussi, with a total area of 11,663 square meters. The acquisition price for this property is €9.4 million, and it holds an objective value of €8.68 million. Its most recent valuation is €13.65 million. Lastly, Sklavenitis is set to acquire a property in Katerini, located at 140 L. Iasonidis Street. This site, which hosts one of its stores, spans 3,639 square meters. The acquisition value of this property is €2.88 million, while its objective value is €1.28 million, with the latest valuation approximating €3.71 million.
These acquisitions are significant for Sklavenitis, enhancing its retail presence across various locations and contributing to its overall growth strategy.
In terms of broader market activity, Prodea has been highly active in real estate transactions throughout 2024, with a total volume of purchases and sales exceeding €1.1 billion. Notable acquisitions by Prodea during this period include a €255 million acquisition of a 55% stake in Mediterranean Hospitality Venture Plc, as well as the purchase of Diogenis Pallas and Pantheon Music Hall (Papatheoharis) for €27 million. Additionally, Prodea has invested €5.9 million in the development of storage facilities in Aspropyrgos.
On the disposal side, Prodea has also been engaged in significant sales. The company is expected to complete the sale of a real estate portfolio valued at approximately €70 million to Alpha Bank by the end of 2024. Moreover, Prodea has agreed to sell a second package of 20 properties to the National Bank for €43.5 million. The company has also reached an agreement with the Aktor Group for the sale of 56 properties valued at €600 million, a deal expected to be finalized by the first quarter of 2025. In addition, Prodea recently sold three properties to TRASTOR for a total of €69.19 million.
In conclusion, Prodea’s ongoing investment and divestment activities demonstrate a dynamic approach to managing its real estate portfolio, while Hellenic Hypermarkets Sklavenitis’ strategic acquisitions further solidify its position in the retail market. These developments reflect both companies' efforts to optimize their real estate holdings and align with long-term growth objectives.
