A total investment of around €491.4 million was made during 2022 by Real Estate Investment Companies (AIEAP) and is expected to grow vertically in 2023 as a number of important real estate development projects begin. Most companies have been relatively conservative with their new builds, focusing primarily on land acquisition and licensing rather than construction projects. The reason, of course, is the sharp rise in the cost of building materials, which exploded the corresponding budgets and increased investment risk.

The dominant trend in 2022, and the trend that is expected to dominate in the coming years, concerns the intent of real estate companies to create portfolios of green real estate. This is the direction in which almost all of their investments are now moving. Given that this type of property still makes up a very small percentage of the total building stock, the strategy of the companies is either to acquire old properties in existing locations that can be upgraded energy-efficiently, or to develop completely new properties that will certainly accept bioclimatic specifications.

Prodea Investments made investments totaling 250 million euros in 2022. The largest single investment in value terms was the acquisition of an office building that houses the Ministry of Tourism on Syntagma Square, 12-14 Amalias Street. Specific investments amounted to 49 million euros. Building with an area of ​​9,000 sq.m. it was acquired by the Onassis Foundation in 2006 as part of the relevant tender of the National Bank, which previously owned this property. In the past, it was the headquarters of ETEBA, which merged with Ethniki about two decades ago.

Last week, the listed company also completed the acquisition of the Viva Wallet building at 18-20 Amaruciou-Salandriou Street in the Amaruciou district. Viva Wallet is currently a tenant of a property that has an environmental certificate and includes sustainability features. The price amounted to 31.5 million euros and was financed by funds raised during last year’s green bond issue. The building has a total area of ​​20,100 sq.m.

The total amount of investments of real estate investment companies will reach half a billion in 2022 – outstanding deals.

Earlier this year, a 14,000 sqm office building was purchased for €35 million. at the intersection of Heimarras 8B and Gravias streets in Marousi, which is leased by EY. At the same time, the company also acquired five adjacent 10.4 acre lots on Kifisias Street, near the Attika Street intersection. It is planned to demolish existing buildings at the specified site (they housed the headquarters of the Church of Jehovah’s Witnesses) and construct two separate office buildings with a total area of ​​more than 17,000 sq.m.

During this period, Prodea Investments is launching an investment plan of around 600 million euros until 2025 to acquire or develop over 417,000 sq.m. new buildings. Most of them (about 90%) will concern facilities that will have environmental certificates for their high energy efficiency. The orientation is mainly in the office, logistics, residential and hospitality markets.

In the residential sector, Prodea has entered into a strategic partnership with specialized residential construction company Livewise. The latter has put 10 green residential buildings on the path to implementation in selected areas of Attica such as Agia Paraskevi, Nea Eritrea and Chalandri. The first objects will be commissioned gradually from the end of 2023 to mid-2024. Accordingly, in the field of logistics, a significant development of a new infrastructure of 40,000 m2 is planned. on a 110 acre site purchased for this purpose in the Aspropyrgos area. It is expected that these investments will begin to be implemented in 2023.

60 million euros of capital for the purchase of new properties was realized during 2022 by Premia Properties AEEAP. The listed company is strategically investing in sectors such as social buildings (e.g. student residences, educational institutions, etc.), logistics and finally office buildings as it plans to transform the Athens Heart shopping center into an office building in 2023 with a green character. One of the company’s most important moves this year was the acquisition of the premises of Doukas Schools in Marousi, as well as the acquisition of the entire property of the Boutari winery as part of the latest consolidation plan. Premia is launching a €150m investment over the next 12-18 months, aiming to build a €500m real estate portfolio by 2025.

Noval targets the office market

Noval Property of the BIOHALCO Group has also taken important investment steps. According to the company, a total of 55 million funds were invested in 2022, most of which fell on the purchase of offices. The total investment program for the coming years reaches $350 million.

The most important step of 2022 concerns the increase in the company’s share capital of 21 million euros, with most of it regarding the contribution of real estate, mainly from companies and organizations associated with the parent company BIOCHALCO. Among other things, Noval’s plans include the development of modern warehouse space with an area of ​​more than 20,000 sq.m. in Mandra (Attica) and Crete. In this context, among the properties to be transferred are a 25-acre site in Mandre, which contains an abandoned industrial plant, as well as an unplanned 28-acre site in Magul. . At the same time, Noval is planning a more active entry into the sector of luxury apartments and houses.

Accordingly, Noval’s investment in the Amarusi office market is valued at more than $90 million. The company’s latest move includes the construction of a new green office building covering 9,300 square meters, with an estimated investment expected to exceed 11 million, according to the information. 2.6 acres were purchased on Amarousiou – Shalandriou Street, at the intersection with Fragoklias Street.

In the first months of 2023, the construction of a new complex of green office buildings with a total area of ​​50,000 sq.m. will start. This particular investment is facilitated by a joint scheme (50%-50%) between Noval Property and investment fund Brook Lane Capital on the former Kodak property in Marousi. The total investment is expected to approach 80 million, while Noval is also planning another 20,175 sqm bioclimatic office building. at 16 Heimarras Street, in another private area.

Commercial park 30,000 sq.m. in Elliniko by Trade Estates

The Trade Estates course of the Fourlis Group is also particularly dynamic, with new investments totaling 70 million euros during 2022. Of these, 64 million euros were associated with the acquisition of new real estate, and an additional 5 million euros were used to finance new developments. The goal of the company’s management is to increase the value of its portfolio from 286 million euros to 476 million euros by 2026 and to 700 million euros by 2028.

Particular attention is paid to the development of commercial parks and logistics facilities. The company recently announced the creation of Top Parks, a brand that will henceforth carry all of its commercial parks, starting with Piraeus and Kifissou, which opened last June.

The largest investment promoted by Trade Estates will be the construction of a 30,000 sqm commercial park. in the commercial area of ​​Ellinikos. The total investment will amount to 70 million euros, as four large buildings will be created, which will house a number of stores, including one from IKEA. At the same time, Trade Estates is launching three more commercial parks in Spata (9,650 sq.m.), Patras (13,900 sq.m.) and Heraklion in Crete (10,600 sq.m.) in cooperation with Ten Brinke Hellas, a real estate development company. .
In 2022, Trastor AEEAP of the Piraeus Bank Group invested 45 million euros in the real estate market, increasing the value of its portfolio to over 380 million euros. The listed company focuses almost exclusively on the office market and green logistics, while aiming to reshape its portfolio by downsizing small and medium-sized properties in favor of larger buildings.

The ultimate goal of Trastor’s management is to gradually increase the company’s portfolio to 600 million euros by 2025.
The emphasis will be placed primarily on office and logistics buildings, which are the company’s two main investment pillars.
The listed company recently proceeded to acquire a new 17,708 sqm logistics facility. in the area of ​​Aspropyrgos. These are two independent warehouses leased to the BMW Hellas Group and the BSH Group (Bosch-Siemens). The cost of this move was 12.95 million euros. Accordingly, at the beginning of the year, Trastor spent €27 million to acquire a 16,795 sqm office building. in Marousi, at the intersection of Soru 18-20 and Amarusio-Salandriou streets.

At the same time, Trastor will also start important logistics and office development projects in Aspropyrgos and Marousi respectively. A few days ago, the company completed the acquisition of three new land plots totaling 21 acres in Melissia, opposite Triasio Pedio. These facilities are adjacent to other company facilities. The goal is the development of a new modern facility with an area of ​​8,000 sq.m.

In 2023, the process of transferring the property of Piraeus Bank to Trastor will also continue, which has already begun with the issuance of a convertible (into shares) bonded loan in the amount of up to 55 million euros. In this regard, Trastor will acquire three properties of the Piraeus group for a total value of 10.4 million euros.

A new warehouse at an existing facility in Imeros Topos, also in Aspropyrgos, is also planned by Briq Properties AEEAP, which invested 8 million euros in 2022. The company recently began acquiring two new 11-acre land plots in the district, now creating a single 114-acre parcel. The goal is to build a new logistics complex with an area of ​​19,000 sq.m. (from 14,500 sq.m, which was the original project). The corresponding investments will be completed no later than the beginning of 2024.

Two new properties worth €4.4 million were also acquired this year by the Eumorphides brothers’ Blue Cedar. The first of them is a production building with an area of ​​7,280 sq.m. in Metamorfosi and the second hotel complex with an area of ​​5800 sq.m. on a 20.6 acre seaside property in Arachovitica, Patreon, Rio. In this property, Blue Cedar is advancing its largest investment as a five-star hotel is under construction, which will also be combined with tourist homes for sale. The construction area will exceed 10,000 m2, and the horizon for the implementation of this project is determined in the next two to three years.