Enhanced liquidity totaling €75 million, funds that will be available exclusively for the acquisition of new properties and financing of existing investments in real estate development, has been secured by Trastor AEEAP with the support of its major shareholder i.e. Piraeus Bank. The most recent step this week concerns the conclusion of a new bond issue totaling 250 million euros, which will be fully covered by Piraeus Bank.

Of this amount, €200 million will be used to refinance existing loans, namely four individual Trastor loans. They will also make it possible to acquire the 80 office building, which was acquired under a financial lease through Ethniki Leasing. This is a former DOL office building on Michalakopoulou Street with an area of ​​15,000 sq. m, which Trastor has reconstructed and leases to a number of companies, such as, for example. Development Bank and Wolt. As Trastor managing director Tasos Casinos told K, “the purpose of this bond is to secure a large portion of our debt obligations under a new bond issue that will have clearly more favorable financing terms.”

The remaining €50 million of the said bond will be used to purchase new properties and generally to further develop the listed company’s portfolio. It will be added to the €25 million that will be raised for this purpose from a €55 million convertible bonded loan that was also recently agreed with the Piraeus Bank. This loan is convertible into shares and includes, in addition to financing, an in-kind contribution, as Trastor will acquire three buildings of the Piraeus group for a total of EUR 10.4 million in the first stage. 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 solution was chosen to allow Piraeus Bank to invest new properties in its Trastor subsidiary in a more direct manner than through a capital increase process.

At the end of 2022, the value of Trastor’s portfolio increased to €392.3 million from €325 million at the end of 2021, as the listed company invested a total of €49 million in the acquisition of seven investment properties and the construction of two logistics warehouses. At the same time, eight properties were sold (six shops and offices and two plots of land), which brought in revenue of 10.3 million euros. In 2022, following the revaluation of portfolio properties to fair value, Trastor made a profit of 26 million euros.