Net profits of 20 million euros are expected to be recorded for the entire fiscal year of 2023 Demand Real Estate, as it launches a series of property sales of its portfolio. At the same time, based on the group’s investment plan, from the development of a series of important properties – such as the Tower of Piraeus, the former facilities of the Athenian Paper Mill in Botanikos and Mignon – the company expects net profits, which will exceed 100 million euros by in 2026.
During the first half the net profit of the Dimand group amounted to 8.1 million euros, against a loss of 0.2 million last year.
According to reports, the properties that will be transferred by the end of the year and that will contribute to Dimand’s profitability include, among others, two properties that had been acquired from Athens Paper in the context of an agreement that also included the purchase of the 49-acre property in Votanikos. These are the old storage facilities in Nea Peramos, Kavala, and the former industrial facility of the paper industry (and formerly of Piraiki Patraiki) in Megalo Pefkos. A buyer is expected to be an industrial group that promotes them for its own use and exploitation.
In 2024, it is estimated that the net profits of the listed company will more than double and possibly exceed 55 million euros, as a series of large-scale real estate sales are expected to be completed, starting with the office complex that will house the PwC group in Kifisias Street. Once its construction is completed, in the first half of 2024, the property will be acquired by the Eurobank group for an amount that will exceed 75 million euros. Accordingly, within the next year, the sales of the green office building Hub 26 in Thessaloniki to Prodea Investments, Dimand’s share in Pyrgos Piraeus (to a foreign investor), and also the new Minion, which will be distributed in parts to various interested investors. The properties for sale from 2025 onwards include other important developments, such as the one on the former VELKA property in Faliro, the new Piraeus courts, the freight center to be built on the former Balkan Export property in Thessaloniki and the redevelopment of the formerly of Athenian Paper Mill.
The group’s new projects also include the new building that will house the Black Sea Trade and Development Bank (TEAEP or Parexinia Bank) in Thessaloniki. This is a growth of 15 million euros, in real estate adjacent to that of Hub 26. During the first half of this year, the Dimand Real Estate group recorded a significant increase in pre-tax profits, which amounted to 10.2 million .euros, from 1.1 million euros in the corresponding period last year, while net profits after taxes amounted to 8.1 million euros, against a marginal loss of 0.2 million euros. It is recalled that the loss of the 2022 fiscal year was due to the repayment of a loan to HIG, amounting to 50.3 million euros, thanks to the funds of 100 million euros raised from the public registration of the group’s shares on the stock exchange last summer. In this way, the cost of borrowing fell sharply and allowed the company to implement its ambitious investment program.
