It is expected to generate an income of 30 million euros Orilina Properties AEEAP from the capital increase and the public registration of its shares in Athens Stock Exchange, five years after its establishment. The real estate company of the Natsi family will use all of these funds to finance the investment it is launching within the property Ellinikou, totaling 77.4 million euros. Of this amount, 30 million euros concern the acquisition of the relevant rights by Lamda Development and the remaining 47.4 million euros the construction costs.
Orilina plans to develop a luxury residential complex under the brand name Marina Residences and a private club for the owners of these apartments, on two adjacent plots. To acquire the right to the first of these, with an area of 22,795 sq.m., it has already spent 27.57 million euros, while for the second, with an area of 24,553 sq.m., an additional 2.65 million euros have been spent. The first investment is for a total amount of 57.4 million euros (including the purchase of the land) and the second for 20 million euros (also including the purchase of the land). From the revenue of the increase, an amount of 27.3 million euros will be allocated for the construction of the luxury housing complex and the remaining 2.5 million euros for the construction of the private club.
The properties in question are located on the coastal front of the Ellinikos property, in the wider area of Agios Kosmas and near the residential tower Riviera Tower, but also the shopping center Riviera Galleria. According to Orilina Properties’ prospectus, the complex of luxury residences will offer a total surface area of 4,900 sq.m. and will have underground parking spaces and warehouses. It will concern multi-storey apartments and maisonettes, with private pools and gardens, as well as recreational areas, available to all residents. There will be a view of both the sea and the Riviera Tower. As the company reports, 31% of the funding will come from borrowing and the remaining 69% from equity.
The other investment concerns the construction of a private members’ club, 1,340 sq.m. with underground auxiliary spaces. It will include restaurants, swimming pools, courts, an outdoor gym and many outdoor recreational areas for its members. The total cost of 20 million euros will be covered by 27% from equity and 73% from borrowing. According to the schedule, the construction of Marina Residences will start next year, with a completion horizon of 2026.
It is recalled that in addition to the proceeds from the public registration process, the company proceeded at the end of 2022 to issue a bond loan, amounting to 50 million euros and lasting seven years. It is recalled that in recent years the company has proceeded to acquire a series of income investment properties, with the result that today it has a portfolio worth 140 million euros, consisting of 17 properties with a gross leasable area of 70,350 sq.m.
The public registration of Orilina’s shares will last from December 4 to 6, while on December 11 their trading will begin on the Athens Stock Exchange.
