By the end of the week, is expected to be finalized the Smart Park commercial park's sale to Trade Estates REIC -the real estate subsidiary of Fourlis group- for €110 million. It should be noted that after the adjustment based on the net debt position of the GYALOU SA subsidiary and the other assets and liabilities of the company with a reference date as of 31.8.2023, the net price in principle that REDS will receive amounts to €93 million.
The company that aims at raising more funds following the successful agreement for Smart Park, has also announced the transfer of its entire stake in the Metropolitan Expo for a total of €4.4 million. Specifically, REDS sold their stake in the ATHENS METROPOLITAN EXPO S.A. a total of 15,586 common registered voting shares or 11.67% of its total share capital to the ROTA ORGANIZI EXHIBITIONS S.A.
Throughout the year the firm has also divested from Romania with the sale of the "A" property on Avalansei Avenue in Bucharest that owned through the subsidiary PROFIT CONSTRUCT S.R.L. The agreement has a total consideration of €11.4 million, referred to a land plot spanning 7,974 sqm. The ownership was passed to VASTINT ROMANIA S.R.L.
Additionally, in a separate transaction, REDS sold the "B" property spanning 1,170 sqm for a total of €1.6 million to the same company.
Two main Projects
According to REDS's management, in the following period the company will focus in two main projects, the "Campas Project" and the Gournes Heraklion, Crete project. The new CEO of the listed REIC, Mrs Ioanna Dretta -a National Technical University of Athens Civil Engineering graduate- with postgraduate studies in Imperial College London and Harvard Kennedy School and circa 20 years of experience in managerial positions, was appointed to "run" these projects.
The Cambas Project development refers to the utilization of the lands in the area of Kantzas of the municipality of Pallini. Following the issuance of P.D. urban planning approval of the POAPD, the Business Plan and the Master Plan were updated and now the company is proceeding to the next phase, which is the issuance of the project's building permits. According to the company's estimates, within the next year the construction works will begin with a time horizon of 3 years for completion. At the same time, in the Gournes of Heraklion, Crete, the company is proceeding with the development of a coastal area of 345,567 sq.m., which is located 13 km from the "Nikos Kazantzakis" airport and 16 km from the city of Heraklion. In the context of the exploitation of the property, REDS A.E. is expected to implement investments for the development of, among others, a luxury hotel unit, residences and a shopping center. The property also has the possibility of developing a casino. At the same time, the drafting procedures of the Business Plan and the Master Plan had begun and are in the finalization phase.
The Gournes Project is estimated to be delivered in the next 5 years, since the issue of a necessary zoning permit for the project is required to confirm the zoning of the uses of the property as well as the approval of the use of the casino provided for in the Presidential Decree.
In addition to the above, REDS has plans to proceed with the development of plots located in the perimeter of the Smart Park in Spata with a total area of approximately 100 square meters after consolidation. sq. and in the construction of a residential complex of 72 apartments on an area located in the lakeside area of Lake Baneasa, in Romania.
