“Trohodromei” n investment her Orilina Properties AEEAP in its extent former airport in the Greekwhere the development of a complex of serviced residences, as well as a private club with dining, wellness and sports facilities that will be addressed to the residents of the complex. According to what the company notes in its half-year financial statements, the building permit is expected to be issued within 2023, which means that the development of the properties also begins.
In the context of a relevant agreement with Lambda DevelopmentOrilina proceeded during the summer to complete the purchase of two plots in the Hellinikon Metropolitan Park, 22.8 and 24.55 acres in size.
The total cost amounted to 26 million euros. The total amount of the investment is expected to be around 50 million euros. The properties are located on the beachfront of Ag. Kosmas, near the place where the Riviera Galleria shopping center is located, i.e. in a particularly privileged spot.
In this context, the company is planning the development of a luxury complex of approximately 20 serviced villas and penthouses, under the Kyma Residences brand. All properties are to have private pools and gardens or planted roofs, while guests/tenants will have exclusive use and access to the adjacent private clubhouse, which Orilina will build on the other plot it acquired from Lamda.
For this purpose, the company of the investment group Brevan Howard and its investor and co-founder Mr. Tryfona Natsis proceeded at the end of 2022 to issue a seven-year bond loan of 50 million euros, of which 7.5 million euros were disbursed at the beginning of this June. This is Orilina’s first leveraged capital move, as all of its investments to date have been financed by its main shareholders.
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 real estate includes the office building that houses the headquarters of the Ellactor group, as well as a shopping complex (which houses, among others, Jumbo and the Playmobil Fun Park) in Kifissia, on the Athens-Lamia highway.
During this year’s first half Orilina had rental income of 3 million euros, up from 2.73 million euros last year, an increase of 11%.
Profits from the valuation of the properties of the company’s portfolio at fair value amounted to 2.19 million euros during this year’s first half (2.06 million euros last year), while operating profits amounted to 4.2 million euros, against 4.7 million euros during the corresponding period last year.
Net profit after taxes amounted to 3.76 million euros, up 15.7% year-on-year.
