Trade Estates REIC posted solid financial results for the first quarter of 2025, continuing its growth trajectory across key metrics. According to the company’s announcement, total revenue for the quarter reached €12.2 million, representing a 10.5% increase compared to €11.1 million in the corresponding period of 2024. Adjusted EBITDA rose by 14.8%, amounting to €7.9 million versus €6.8 million last year.
Net profit, excluding gains from the fair value adjustment of investment properties, totaled €4.1 million, up 36.7% from €3.0 million. Funds from Operations (FFO) also recorded a strong increase of 45.3%, reaching €4.6 million compared to €3.1 million in Q1 2024. As of March 31, 2025, the company’s total assets stood at €613.3 million, reflecting a 1.4% increase from €605.1 million at the end of 2024.
The Gross Asset Value (GAV) as of March 31, 2025, amounted to €551.4 million, up from €541.5 million on December 31, 2024—an increase of 1.8%. The Net Asset Value (NAV) reached €316.1 million (€2.62 per share), compared to €311.9 million (€2.59 per share) at year-end, marking a 1.4% rise.
Operationally, Trade Estates’ retail parks saw continued momentum. In Q1 2025, consumer visits reached 4.69 million, an 8.8% increase year-over-year. Total retail sales across its commercial parks climbed to €102.6 million, a 10.9% rise over Q1 2024, with like-for-like growth of 2.9%.
On the corporate front, a key development during the quarter was the successful private placement of 16% of Trade Estates’ share capital by the Fourlis Group to a select group of institutional investors. Following this transaction, Fourlis' stake fell below 50%, resulting in the deconsolidation of Trade Estates from the Group’s financial statements. Despite this, Fourlis remains the company’s largest shareholder with a 47.3% stake. Other shareholders include Autohellas (12.88%), Latsco Hellenic Holdings (8.11%), the company’s management (0.97%), and free float investors (30.72%).
As part of its ongoing corporate streamlining, Trade Estates initiated the merger of three wholly-owned subsidiaries—Gialou S.A., Ktimatodomi S.A., and Polikenco S.A.—with completion targeted by the end of 2025.
In terms of investments, Trade Estates successfully completed the construction of the Top Parks Heraklion Retail Park in Crete, with a total surface area of 14,000 square meters and a total investment budget of €23 million. The project was financed through a mix of bank debt and funds from the Recovery and Resilience Facility. In the logistics segment, construction of InterIKEA’s international logistics center is progressing rapidly and remains on schedule, with phased delivery expected in the fourth quarter of 2025.
Commenting on the results, Mr. Dimitris Papoulis, CEO of Trade Estates, stated:
“Trade Estates continues to deliver strong financial performance into the first quarter of 2025, driven by increased foot traffic and sales across our retail parks, along with the full integration of Top Parks Patras into our operations. As we expand our commercial property portfolio, the advantages of our specialization are becoming increasingly evident, especially in reducing administrative and operational costs. Furthermore, active financial cost management and the downward trend in interest rates—despite ongoing geopolitical challenges—are having a positive impact on our results.”
