According to a presentation by the management of the Real Estate Investment Company (REIC) to the Union of Institutional Investors, the company is set to invest €170 million, with the majority of the funding sourced from the Recovery Fund.
As stated by Mr. Dimitris Papoulis, CEO of the company, the strong performance of commercial parks, the upcoming launch of the Top Parks in Patras in 2024, and, most notably, the complete integration of Smart Park, have driven the significant growth in the company’s overall figures for the previous year.
Mr. Papoulis noted, “The investment program focuses primarily on Heraklion, Crete, where the Top Parks Commercial Park will be delivered and operational by the end of this year. This park will also house the fourth-largest IKEA in the country.” Additionally, AEEAP will operate the International Distribution Center of InterIKEA in Aspropyrgos and is simultaneously exploring new investments in commercial real estate and logistics centers. At the end of 2024, Trade Estates signed a preliminary agreement to sell 50% of its stake in Ten Brinke for a plot in Spata, for which a building permit will be issued for a non-competing use with Smart Park.
Finally, Mr. Papoulis, during the announcement of the company’s results, emphasized that “With the completion of the private placement of 16% of the share capital by the Fourlis Group, the company’s shareholder base has expanded, welcoming new, strong investment groups, while existing major shareholders have increased their stakes, providing a strong vote of confidence in the management and strategic direction of our company.
