becomes a strategic priority for real estate investment companies (REITs) formation of the most “green” portfolio real estate. The benefits are manifold, from providing higher rents and capital gains for green property. Users are now looking for low maintenance properties, which means they are asking for buildings with high energy efficiency. It is estimated that such a property can provide at least 15-20% higher rent compared to a conventional building of the same size and in the same location.

Another important reason is that this period in particular provides a valuable financial tool for AEEAP as long as they continue to invest in the development of green facilities or upgrade existing facilities in their portfolio with energy. The reason for the Recovery Fund loans that companies in this sector have already begun to apply for is that they provide very low financing costs, while this cannot be achieved in any other way. The only “asterisk” is that its means Recovery Fund they should refer exclusively to such interventions, i.e. automation systems, water harvesting, green roofs, photovoltaics and more general technologies that make a building greener and more energy efficient. They are not funded, i.e. earthworks, foundations and everything related to conventional real estate construction.

In this context, all new investments made by AEEAP are environmentally friendly properties, whether they buy them in their entirety or the companies themselves develop them on their behalf. During 2022, Prodea invested 250 million euros, most of which is related to the development of green buildings. At the same time, an extensive program of energy modernization of existing facilities is planned, and where this is not possible, a gradual withdrawal of investments is chosen. The ultimate goal set by management is for 80% of Prodea’s assets to be green facilities over the next five years.

Through the Recovery Fund, AEEAP is able to upgrade its property in an energy efficient manner at a low cost.

For example, at this time, the listed company “launches” a program to sell 50 objects of its portfolio with a fair value of 46.2 million euros. These include facilities in the region, such as shops and offices owned by the National Bank, as well as other facilities. For example, a commercial store on Harokopou Street in Kallithea, which is leased by the Jysk chain, is also up for sale.

A similar strategy has been pursued in recent years by Trastor AEEAP, which currently “manages” new developments of green logistics buildings and offices in Aspropyrgos and Marousi. At the same time, the company continued to sell a number of properties that are not in line with this strategy, for example. small shops and offices or car service stations.

Accordingly, Biohalco’s Noval invests exclusively in bioclimatic properties, creating an important portfolio that will be significantly expanded in the next two years. Noval has begun a series of new developments and office building extensions in Marusi at its properties, each of which will be LEED certified, while it has a similar orientation for all other properties it will develop in the coming years.