A significant increase in Premia Properties AEEAP’s financial performance was recorded in the first quarter of this year due to the addition of new investment properties, as well as the optimization of the performance of the existing portfolio through new, more profitable agreements. According to data released yesterday by the listed company, revenue increased by 30% to 4.2 million euros from 3.2 million euros in the corresponding period last year, while profit before tax doubled to 3.5 million euros from 1.8 million euros.

Accordingly, adjusted EBITDA operating income (excluding property revaluation gains to fair value) also increased by 53% to €2.6m compared to €1.7m in the first quarter of 2022. At the end of the first quarter, the value of the Premia Properties portfolio increased by 10 million euros compared to the end of 2022 to 239 million euros from 229 million euros. The total value of the company’s assets is 282.8 million euros.

During the first quarter, Premia Properties completed the acquisition of an industrial property that houses the production facilities for the production of Ioli natural mineral water, as well as a separate building in Xanthi, which will be renovated for use as a student residence. A plot of land adjacent to the Athens Heart shopping center was also purchased. As part of the overall redevelopment, which will begin with a mall that will be converted into a green office building, additional retail and dining space will be created on site. This is the largest investment currently being launched by the management of Premia Properties, as it is estimated that more than 30 million euros will be spent on the creation of this new business center at the junction of Piraeus and Hamosterna streets. In fact, according to the information, the company is close to signing a preliminary lease agreement for the entire facility and even with the user, who will lease all the new office space that will be created.

At the same time, another investment of 9 million euros is expected to be completed in the near future, regarding the purchase of a new 11,300 m2 logistics building in Aspropyrgos. This development is carried out by a specialized company NOE, which participates in Premia as a shareholder. The said building has already been fully leased to an international logistics company and is expected to be commissioned next October.

Premia has developed and is implementing an investment program totaling €150 million until mid-2024 to strengthen its investment property portfolio and its financial performance. In this context, to the extent possible, loan funds through the Recovery Fund will be used to limit the impact of higher interest rates.