PRODEA reports more than €70M new investments in the first half of 2022
Operating profit amounted to €102.5 vs €99.8 in H1 2021
A shift in developments has been observed in Prodea' recent investments the largest Greek REIC, in the first half of 2022. The company in total allocated more than €70 million, mainly acquiring land for development, in order to upgrade the quality and dispersion of its real estate portfolio
Among the most important investment moves was the acquisition through auction of one of the properties in the portfolio of LP Ellinas, which houses the headquarters of EY in Greece, as well as its collaboration with liveWise, along which are advancing residential investments starting from Marousi.
Specifically, Prodea made the following purchases in the first half of 2022:
On January 13, 2022, it completed the acquisition of five neighboring plots of land with a total area of 10,400 sq.m. in Marousi, Attica. The purpose of the acquisition is the development, after the demolition of the existing building, and the exploitation of a modern office complex with at least LEED Gold environmental certification, which will consist of two autonomous and functionally independent buildings with a total area of more than 17,000 sq.m. The acquisition price amounted to €13,767,000 and their fair value, according to a relevant assessment made by independent appraisers, amounted to €15,007,000.
Through THRIASES S.A. in which he owns 97.57%, last May he proceeded to acquire 17 plots of land in Aspropyrgos, Attica, with a total area of 111,000 sq.m. on which he plans to build a modern Storage and Distribution Center with a total area of 39,800 sq.m. The price for the acquisition of the properties amounted to €5,856,000 and their fair value on the date of acquisition, according to a relevant assessment made by independent appraisers, amounted to €7,784,000.
On June 6, 2022, an office building belonging to LP Ellinas (head office of EY in Greece) in Marousi, Attica, on Heimarras 8B and Gravia streets with a total area of 14,100 sq.m. The acquisition price amounted to €35,000,000 and its fair value, according to a relevant assessment made by independent appraisers, amounted to €34,113,000.
Through a joint venture with LiveWise steps foot in residentials
On June 22, 2022, acquired 100% of the share capital and corporate shares of five companies in Greece, which own nine residential plots and an existing residential building, which is fully leased, with the aim of developing residential properties for sale and tenancy. The price for the acquisition of the companies amounted to €16,291,000 taking into account the price for the properties (investment properties and inventories) which amounted to €17,250,000 while their fair value at the date of acquisition, according to relative assessment carried out by the independent appraisers, amounted to €18,177,000. The companies WISE LOUISA M.A.E., THERMOPYLON 77 M.IKE and WISE ATHANASSIA M.IKE are the owners of 4 plots of land with a total area of 7,200 sq.m. in which residential properties for sale will be developed. The companies BTR HELLAS M.IKE and BTR HELLAS II M.IKE are the owners of 5 plots of land with a total area of 1,700 sq.m. in which residential properties will be developed for rent (investment properties) and a fully leased residential building with a total area of 1,200 sq.m. which has a total of 24 apartments.
On June 26, 2022, the company Fondo Five Lakes – Real Estate reserved closed-end Fund (Italian Real Estate Reserved AIF) (hereinafter “Five Lakes”) was incorporated in Italy. The Company owns 75% of the shares of Five Lakes and is a participation in a joint venture
PRODEA announced increased operating profit and 13,2% jump in revenue for the 1H2022
PRODEA Investments announced that the group’s revenue for the 6-month period ended June 30, 2022, amounted to €73.5mn vs €64.9mn in H1 2021 (increase 13.2%).
The increase comes as a result of the progress of development projects, new investments in income producing real estate properties and new leases in the context of the company’s investment strategy with the aim to optimize the composition of the investment portfolio and the qualitative characteristics of the real estate properties, with emphasis on sustainability with the principles of Environment – Society – Governance (ESG).
Operating profit amounted to €102.5 vs €99.8 in H1 2021 (increase 2.7%). Earnings before interest, taxes, depreciation, amortization, fair value adjustment of property and nonrecurring items (adjusted EBITDA) amounted to €45.0mn in H1 2022 vs €47.4mn in H1 2021.
The group’s Assets Under Management (AUM)1 as of June 30, 2022 amounted to €2,617.6mn vs €2,455.4mn as of December 31, 2021 (increase 6.6%). The group’s NAV as of June 30, 2022 amounted to €1,441.5mn or €5.64 per share vs €1,396.3mn or €5.47 per share, respectively as of December 31, 2021.
In relation to the current geopolitical situation and the energy crisis, the company's Management
closely monitors and evaluates the developments in order to implement any necessary measures and
adjust its business plan (if so required) in order to ensure business continuity and the limitation of any
adverse effects (more information is provided in the relevant section of the Interim Financial Report
for the period 01.01.2022 - 30.06.2022).