In the first half of this year, Trastor AEEAP made a profit of 18.3 million euros only by revaluing its portfolio real estate to fair value. Of course, the implementation of two new investments of 29.6 million euros in the office sector, as well as the integration of two commercial warehouses resulting from the merger of the respective 100% subsidiaries, played a decisive role in this development. At the same time, the listed company proceeded to sell four properties that were worth €2.9 million at the end of 2021. Thus, at the end of June, the value of the company’s portfolio of 56 objects amounted to 372.4 million euros. against 325 million euros at the end of 2021.

Today, the value is even higher, at €386 million, as the company has begun acquiring a new 17,708 sqm logistics facility. in the area of ​​Aspropyrgos. The investment amounted to 12.95 million euros, while the complex of two warehouses is leased from the BMW Hellas and BSH (Bosch-Siemens) groups. During the first half of the year, the most important step for the amount of 27 million euros was associated with the acquisition of an office building with an area of ​​16,795 sq.m. in Marousi, at the intersection of Soru 18-20 and Amarusio-Salandriou streets. This property, which belonged to the portfolio of real estate investor Mr. Luca Ellina, was put up for sale along with two other office buildings by lender doValue through a tender. Trastor has bid on the building in question, which is being leased to the Bayer and Fourlis groups. Negotiations are currently underway to adjust the lease agreements.

As for financing the company’s investment program, the issue of a joint bonded loan in the amount of 25.1 million euros was recently signed with Eurobank. A few weeks earlier, another loan of 9.4 million euros was signed with the same bank.

The aim of the Bank of Piraeus Group is to significantly increase the value of the Trastor portfolio to EUR 600 million by 2025. This will be achieved both through the investment of real estate from Piraeus Bank and through the acquisition of new real estate, as well as the development of private land acquired in the previous period. Regarding the issue of real estate contribution by Piraeus Bank, which currently controls 98.4% of Trastor’s share capital, the process has progressed since the first choice of real estate has been made. It should be noted that based on the existing institutional framework, it is allowed to contribute (by the major shareholder) real estate in the amount of up to 10% of the value of the portfolio of each AEEAP.

At the same time, the company is advancing the planning and licensing of two investments it is launching for the development of private land in Marousi (Amarusiou-Salandriou Street) and Aspropyrgos. In the first case, a bioclimatic office building will be built with a total investment of 15 million euros (together with the purchase of land), and in the second case, the construction of a modern logistics complex consisting of two separate buildings. , with a total area of ​​30,000 sq.m.