The company has recently reached an agreement with Ten Brinke Hellas to construct a new International Distribution Center (DC) in Aspropyrgos, Attica. This new center will be responsible for distributing IKEA products in Central and Eastern Mediterranean countries. According to sources from the company, this is a crucial development for the IKEA group as the center will have access to Israel, Cyprus, Jordan, Bulgaria, and other countries through the central port.
The REIC has announced that this significant development is an important addition to its portfolio, following the success of the two Centers in Schimatari and Inofyta in Boeotia. The gross fair value of the company's portfolio is expected to increase by €45 million, which is the value of the property where the distribution center will be built, and which it will acquire from Ten Brinke. The Managing Director of Trade Estates, Dimitris Papoulis, has estimated that it will add an additional €3 million to the annual revenues of REIC from the year 2026.
The project
Through the new investment, TRADE ESTATES REIC continues the implementation of its investment plan, strengthening its strategy in the pillar of new generation Distribution Centers serving Retail Groups, while the significant size of the development is an important addition to its portfolio, following the operation of the two successful Centers in Schimatari and Oinofita and Viotia.
The 50,000sqm Distribution Centre, which will be owned by Trade Estates REIC, will be designed and developed in cooperation with Ten Brinke Hellas, while the operational management will be carried out by Trade Logistics, a company of the FOURLIS Group. The total investment amounts to EUR 70 million (building facilities and mechanical equipment) and is planned to be included in the Recovery Fund and the Business Park (BRP) provisions of the Ministry of Development.
This is a new generation Distribution Centre with a focus on sustainability as all the energy (100%) for its operation will be Green (Renewable Energy) with a zero CO2 footprint. According to the investment plan, construction of the project will start in Q2 2024 and is expected to be completed in Q3 2025. The size of the building in its initial phase will be 50,000 sqm and will have 55,000 modern pallet spaces.
The Centre will start operating immediately upon completion of the construction works. The implementation of the project will create 100 new permanent jobs, 18 of which will be for highly skilled personnel to staff the IT, Logistics and AI departments. The Centre will initially serve the supply of IKEA stores in Bulgaria, Greece, Jordan, Israel and Cyprus, with the aim of adding more countries in the future.
