At the end of 2022, the portfolio of Dimand Real Estate included 19 investment projects with a total value of 915.2 million euros upon completion. This is a significant increase of 74.5% compared to the end of 2021, when the volume of projects to be developed was 15 developments with an estimated value of 524.3 million euros. According to data released yesterday by the listed company, 19 projects are in various stages of completion and involve office, logistics, residential, hospitality and mixed-use properties. At the same time, in the near future, the company is going to add another project to its “quiver”, as it has been selected as a contractor in the tender of the Ministry of Justice for the construction of a new Piraeus courthouse. Dimand offered a price of 80.9 million euros for the construction and sale of a building with an area of ​​approximately 30,000 sq.m. For this, she offered the Daskalaki property, which she owns.

Another particularly important event for Dimand was the victory in a joint venture with Premia Properties in the corresponding Alpha Bank competition for the use of a portfolio of 573 mixed-use properties with a total area of ​​500,000 sq. m. m. Among them are important office buildings in the center of Athens, such as one at the intersection of Stadiou and Korai streets and another at the intersection of Aiolos and Sophocleous streets. The transaction value is 438 million euros. In addition to revenues of over 240 million euros expected from selective sales of the portfolio included in the Skyline project, Dimand will also provide a significant portion of the new developments and renovations, with at least 15 buildings considered suitable for investment.

Turnover increased by 55% in 2022, while operating margin also increased significantly by 17%.

Among the properties added to Dimand’s assets in 2022 are also the 335.6-acre former Balkan Export Complex in Thessaloniki, where Northern Greece’s largest logistics hub will be developed, as well as the former Fix factory complex, where a “green” mixed-use complex will be created.

In fiscal year 2022, Dimand recorded a 53% increase in the fair value of investment property and investments in joint ventures to €134.3 million from €87.8 million. Group turnover increased by 55% to 10.6 million euros, while the operating margin also increased significantly by 17% to 7.1 million euros. The fact that the cost of borrowing has decreased from 19.1% to 3.2% is considered important. Let us recall that part of the funds raised by Dimand from the public registration of its shares about a year ago was used to repay a loan concluded with the HIG investment fund. In fact, as part of this redemption, the company recorded an extraordinary loss on its balance sheet, resulting in a loss of EUR 7.8 million in 2022 compared to a profit of EUR 5.3 million in 2021. However, apart from this extraordinary expense, in 2022 it was completed with a profit of 0.4 million euros. At the same time, the ratio of net borrowings to total assets decreased to 20% from 34% in 2021.