Trastor's strategic plan is now expanding in hotel assets
Trastor's strategic plan is now expanding in hotel assets
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Trastor's strategic plan is now expanding in hotel assets

The REIC is focusing in the Cypriot hotel sector.
RE+D magazine
20.05.2024

Trastor REIC is espected to will focus in the Cypriot hotel sector alongside strengthening its positions in office properties and warehouses.

As the executives of the company stated in the context of the Regular General Assembly, AEEAP is considering investments of €100 million for the acquisition of new assets this year.

The company, which has offices and warehouses in its Prime portfolio, stated that in its next steps it will consider agreements in the hotel real estate sector, specifically in the Cyprus market. As the management said, the market for the first two categories "has matured and yields are decreasing" in Greece.

Projects under development

The development of a five-storey office building with three basements in Paradisos Amarousiou, on Amarousiou – Chalandriou and Heimaras streets, with a total area of 9,500 sq.m., is underway. 

The building, which is estimated to be LEED certified at the "Gold" rating, will be delivered within the next year. The said investment as well as the renovation of two existing office spaces (in Marousi and Vas. Sofias) will be given approximately €35 million. At the same time, REIC is also considering the renovation of its property building in Kolonaki, (Heraklitou and Tsakalov) with a total area of 2,000 sq.m.

A new warehouse with a total area of 8,500 sq.m. is expected to be delivered to the Logistics sector by the end of the first half of this year. in Aspropyrgos, which already has a 3PL company as a tenant.