The Bank of Piraeus Group’s Trastor AEEAP portfolio is expected to increase in value to at least €450 million by the end of 2023 from around €390 million today. According to the managing director of the listed company, Casino Tasso“For 2023, we have prepared a development strategy based on three main pillars: the acquisition of new land and the expansion of the existing logistics infrastructure that we have in Aspropyrgos, the development of a new office building in Maroussi, and the energy and functional modernization of existing properties.”

Of course, along with the above steps, new investments will be made for the direct purchase of real estate. To this end, shareholders at yesterday’s Extraordinary General Meeting of Trastor approved the issuance of a bond issue of up to 55 million euros convertible into shares and the abolition of the pre-emptive right of old shareholders. Such as Mr. Casinos explains “K”., “In practice, we will use funds totaling 50 million euros. Of these, 25 million euros will be directed towards the acquisition of new third-party real estate, while the remaining 25 million euros will be related to the purchase of real estate, which is currently in the portfolio of the Bank of Piraeus group.”

Shareholders have approved the issuance of a bonded loan in the amount of up to 55 million euros.

The immediate acquisition of three such facilities for a total of €10.4 million has already been agreed. In particular, an office building will be acquired, classified as mothballed, in the center of Athens, namely at 5 Koray Street (also includes Stadiou, Pesmazoglou and Panepistimiou streets). This is an office building leased by the Piraeus group for 7.54 million euros. Accordingly, Trastor will acquire a multi-storey store and office building in the Agia Anna area of ​​Chalandri, at the intersection of Vas.Georgiou and Singrou streets. The price of this property will be 1.31 million euros. The building is leased by Avis. The third facility is industrial and also leased by Avis. It is located in Et. Stavrou – Peania street in the city of Peania and the price is 1.55 million euros.

The bond will be unsecured and without financial costs, and it will be fully covered by Piraeus Bank. Its duration will be 18 months, after which it will be converted into Trastor shares at the rate of 1.32 bonds per 1 share. The convertible bond decision was chosen to allow Piraeus Bank to invest new properties in the Trastor subsidiary in a more direct manner than through a capital increase process.

As a reminder, based on the existing institutional framework for AEEAP, Piraeus Bank has the ability to contribute up to 10% of the listed company’s portfolio on an annual basis, which corresponds to an amount of 38-39 million euros with today’s data. .