Liquidity estimated to exceed 203 million euros is expected to be available to the group Elektor, in order to implement its investment program, especially in the real estate sector, where investments approaching 400 million euros are planned. Based on a relevant presentation of the Ellactor group, in the context of the roadshow of Greek companies held at the Morgan Stanley investment conference in London, by sale of Aktor the Ellactor group will collect a total of 110 million euros, while from transfer of the Smart Park commercial parkamounting to 110 million euros, REDS is expected to receive net income of 93 million euros.
In this context, the subsidiary of the Ellactor group is expected to focus on its development Cambas Project in Kanza and of the property at Gournes of Heraklion, Crete. According to the group’s presentation, the project in Pallini will require capital of 170 million euros, while the one in Crete will require an additional 150 million euros, with REDS expecting an annual return on capital of over 15%. Regarding the structure of the financing of these investments, 50% will come from its loans Recovery Fund30% from bank loans and the remaining 20% from the listed company’s equity.
In the Cambas project, a development of 88,900 m2 is planned. in a total area of 315 acres. The project includes the construction of 50,000 sq.m. of green office buildings, 25,000 sq.m. cultural spaces and 16,500 sq.m. shopping areas and restaurants. Accordingly, on the area of 346 acres in the Gournes of Heraklion, the development of a mixed-use complex with an area of 59,000 sq.m. is being promoted. The goal is to create a composite tourist accommodationwhich will include casinos, shopping malls, a marina and a convention and exhibition center.
At the same time, the optimal utilization of plots of land, with a total area of 100 acres, owned by REDS around the Smart Park is being examined. However, this development does not seem to be a priority at present. Regarding its reconstruction Alimos marinaa project that REDS “runs” on behalf of the parent company, it is expected that the required permits will be secured, which is estimated to be completed in the first months of 2024.
The total investment is expected to exceed 80 million euros, due to the increase in construction costs since the relevant tender was completed. It is recalled that until today Ellactor has paid 11.3 million euros out of the total 50 million euros it had offered in the context of the relevant tender. The project envisages the redevelopment of the land zone of the marina, an area of 210 acres, with a focus on the development of a hotel unit, as well as a zone of shops and restaurants.
During this year’s nine months, the operating profits of the Ellactor group amounted to 147 million euros, marking an increase of 27% on an annual basis, while the operating profit margin reached 52%. At the same time, net profits after taxes amounted to 54.2 million euros, against losses of 6.1 million euros.
