At peak performance Commercial Park Smart Park in Spata Ellactor’s REDS are targeting the next period by planning two main steps. The first will concern the acquisition of neighboring land, which, in combination with the existing privately owned land in the area, will allow the development of additional uses, such as, for example. entertainment, in order to further increase the attendance of the shopping park. The second step is to refinance existing loans with lower costs and better terms to boost related cash flows. To this end, the management of REDS is conducting preliminary negotiations with the National Bank.

In the first half of this year, REDS’ revenue increased by 64.4% to €4.2m, returning to profitability as profit after tax was €0.4m against a loss of €0.5m. Accordingly, operating profit EBITDA amounted to 2.85 million euros, an increase of 127.3% compared to the corresponding period last year. As a reminder, the financial results come almost exclusively from the operation of the 53,000 m2 Smart Park, which is 98% leased. The recovery in REDS’s financial performance is primarily due to the negative impact in the first half of last year due to measures to combat the pandemic, as well as the fact that this year the company is “reaping the benefits” of expanding the park by 16,000 square meters. m., which was completed about three months before the start of the pandemic.

The construction of the Cambas project in the Kanza area is expected to start in 2023. This investment of 200 million euros, expected to be completed in 2026, concerns the development of the 315-acre area of ​​the former Kamba estate. With an appropriate investment plan, 50% of the territory will be occupied by a large park, which will be surrounded by important public green spaces, even in the part of the territory that will be built up. Accordingly, out of 90,000 sq.m. built-up surfaces, almost 50,000 sq.m. will concern offices, 25,000 sq.m. cultural spaces and 16,400 sq.m. shops and restaurants. A small hotel will also be created.