From now on, the activity of selling selected items will have a distinct role real estate of its portfolio Prodea Investments, as the listed company proceeds with its gradual rationalization in order to maximize its performance and become more green. The listed company has already secured revenues of 500 million euros from sales of its properties, from 2019 until today, having even recorded profits of 80 million euros from this process. At the same time, it plans to continue the sales of specific categories of real estate, which do not serve the strategic planning of the company. At the heart of the sales of the coming months and years will be found the oldest and energy-intensive properties of Prodea’s real estate portfolio, totaling 2.7 billion euros.
For example, in 2024 the potential buying interest in the sale of the portfolio of 25 properties held by Prodea in Italy. These are buildings with a total commercial value of 402 million euros and a gross leasable area of 192,000 sq.m. They mainly concern office buildings, while occupancy is 73.6%, according to a recent presentation of the listed company. If the said sale goes ahead, the listed company will have generated revenues of more than 900 million euros from the real estate sales it has carried out in recent years.
It is recalled that the company plans to modify the accounting of its real estate sales activity, as it now considers it a “normal and recurring activity”, which will continue in the coming years. The most recent property sale deal involves the sale of a portfolio of 43 properties to its group National Bank. It is an agreement with a total value of 237.2 million euros, which is carried out in several stages. On December 21, the transfer of 22 properties was completed, for an amount of 110.5 million euros, while the remaining 20 properties are expected to be transferred within the first half of 2024, for an amount of 43.5 million euros.
Earlier in the year, Ethniki had acquired the largest property of this portfolio, paying a total price of 83.2 million euros. Through this agreement with the National Bank, Prodea not only draws liquidity, but also ensures the reduction of its borrowing in a particularly important period, due to the recent increase in interest rates. Specifically, the liquid assets of the listed company will increase to 269 million euros, from 176 million euros. At the same time, the ratio of net borrowing to the value of the company’s portfolio will be 41.8%, approaching the strategic goal set by the management. This ranges between 35% and 40%.
At the same time, property sales will contribute to the financing of the important investment program that Prodea’s management has drawn up and is currently implementing. In particular, during this time the company is “running” projects and agreements for the acquisition or development of new properties, with a total value of 517 million euros and an area that exceeds 266,000 sq.m. In fact, 93% of these properties will be certified for their green characteristics, significantly enhancing the performance of Prodea’s portfolio. Of these properties, 42% concern new office buildings, 35% residences and hotels, a sector that the recently listed company places great emphasis on, while an additional 13% will concern new logistics facilities.
