The initial public listing will be carried out with a loan from the Recovery Fund and a share capital increase.
REIC, a subsidiary of the FOURLIS Group, owns real estate of more than 260,000 m2 with a gross appraised value (GAV) of €300 million and a net asset value (NAV) of €213 million.
REIC's goal is to reach a real estate value of 740 million euros by 2027, which will include existing assets, properties under construction as well as the development of the commercial park in Elliniko.
The real estate portfolio of TRADE ESTATES REIC includes all the existing privately owned properties of the Group, which are used for the operation of RHF (IKEA), the logistic centers in Schimatari and Oinofyta, as well as new retail investment properties in Greece (Florida1 Retail Park and Piraeus Retail Park).
The company continues to implement its investment plan worth more than €250 million through purchases and development of additional commercial parks and logistics. It is recalled that the company recently added to its portfolio the Commercial Park of Kennedy Square in Halandri. The property was acquired by Ten Brinke Hellas in December 2022, with a total price of €6.5 million.
Last summer, FOURLIS HOLDINGS signed an agreement for the sale of 8.11% shares of TRADE ESTATES REIC to AUTOHELLAS. Through this agreement, AUTOHELLAS ATEE acquired the right to participate in an increase in the share capital of TRADE ESTATES AEEAP, with a contribution in kind. This increase will be covered, through a contribution in kind of property, specifically a plot of 45,408.04 sq.m. within a Business Park in the Vamvakia area of the Municipality of Elefsina after the complex of professional buildings and commercial warehouses on which TRADE ESTATES REIC will develop a modern Logistics center.
If it exercises its right, it will own approximately 12% of the share capital of TRADE ESTATES REIC, while the rest will belong to the Group through its subsidiaries.
