In strategy investment in Trade Estates AEEAP of Fourlis group she proceeded Latsco Family Officeits investment “vehicle”. Latsis familyas it agreed to acquire a 4.2% stake in its share capital real estate company.
The total amount of the investment will amount to 8 million euros and will be carried out through the company Latsco Hellenic Holdings Sarl, which will acquire the relevant percentage from Trade Logistics ABEE, a subsidiary of the Fourlis group. After the completion of the transaction, the Fourli group will control 83.9% of Trade Estates, the Vasilaki group 11.9% (through Autohellas), while the Latsi group will control the remaining 4.2%.
In his relevant statements, Mr. Vasilios Fourlis, executive chairman of Fourlis AE Participations, emphasized that “this participation is of strategic importance, especially due to the extensive experience of Latsco Family Office in the real estate market in our country and internationally, as well as in view of the upcoming public offering of Trade Estates AEEAP and its listing in Athens Stock Exchange». It is reminded that this process is going to start in October. The management of Trade Estates has drawn up a particularly ambitious investment program, as the ongoing projects (in various planning stages) of development of trade parks and logistics infrastructure will increase the total value of the company’s assets to at least 700 million euros. According to the managing director of Trade Estates, Dimitris Papoulis, “over the course of four years, we have secured developments that will increase the value of the real estate portfolio to 500 million euros by 2027, while at the same time we are evaluating new projects, which have the potential to increase value at the level of 700 million euros”.
The real estate company’s total assets (real estate, cash and holdings) amount to 382.3 million euros, up 14.5% compared to a year ago. Of this amount, 330 million euros concern the gross value of real estate investments, which have a total leasable area of 291,557 sq.m. This size is estimated to increase significantly, as long as the management of the group successfully completes the discussions it is conducting with REDS, of the Ellactor group, regarding the acquisition of the Smart Park commercial park in the Gyalou area of Spaton. It is a property with a leasable area of 53,000 sq.m. and estimated value of 130 million euros.
In the first half of the year, Trade Estates achieved a 24.6% increase in rental income to €10.8m from €8.6m. Net profit after tax was 13.4 million euros, up from 13.1 million euros, up 2.3%.
