Liquidity, which will exceed 650 million euros, has been secured by the group for the implementation of its investment plan Elektorafter the sale of the remaining 25% Anemos to Motor Oil Renewable Energy (MORE), a subsidiary of the group Motor Oil. As it became known yesterday, the relevant sale, amounting to 123.5 million euros, received the approval of the board of directors of the Ellactor group, which means that the former subsidiary in the field of renewable energy sources will come under the full control of Motor Oil.
This completes a long cycle of restructuring and selling assets that did not serve the strategic objective of achieving high profit margins and low leverage by focusing activities on concessions, waste management and to real estate. This process took about two years, during which the entire renewable energy (RES) business was sold, as well as the construction “arm”, the subsidiary Actor.
The sale of the latter to Intrakat, instead of a total amount of 214 million euros, was recently completed. In particular, the Ellactor group has already collected 100 million euros, while the remaining 114 million euros will be collected gradually during the next 19 months from the signing of the agreement. These are loans granted by Ellactor to Aktor, which are now being repaid with Intrakat’s guarantee. Alongside the commercial park Smart Park of the subsidiary REDS was also transferred to Trade Estates AEEAP of the Fourlis groupin a deal with a total value of €115 million that generated net proceeds of €93 million for REDS.
The 3 areas of activity
Sources within the group reported yesterday to “K” that with the transfer of the remaining 25% of Anemos, the transfer of assets and subsidiaries of the group comes to an end, as it is not foreseen that there will be any similar movement in the immediate future. This means that the Ellactor group will now have three distinct areas of activity and sources of revenue and profit, concessions, waste management and real estate development.
In fact, despite the occasional rumor circulating in the construction market, the group’s shareholders, namely the Dutch Reggeborgh Invest, which controls the largest percentage, declare that they do not intend to transfer either Aktor Parochoris, or Elektor (waste management ). It is recalled that during this period Aktor Concessions claims PPP projects and concessions totaling 12 billion euros.
In total, from the sale of assets, the group has accumulated liquidity of more than 650 million euros.
The investment program in the real estate sector is also important, where REDS plans projects amounting to 320 million euros, while an additional 80-90 million euros is estimated to be required for the redevelopment of Marina Alimos. The development project of the Cambas Project in Pallini will require funds of 170 million euros, while the project for the development of the property in Gournes, Heraklion, Crete, another 150 million euros. Regarding the structure of the financing of these investments, 50% will come from its loans Recovery Fund30% from bank borrowing and the remaining 20% from REDS’ own funds.
The Cambas Project concerns the development of 88,900 sq.m. 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 of 59,000 sq.m. is being promoted. The goal is to create a complex tourist accommodation that will include casinos, shopping centers, a marina and a conference and exhibition center.
