With a compass of tourism and logistics, the Prodea Investments It is launching a new investment cycle of EUR 435 million by the end of 2025. This investment expenditure is part of a total program of EUR 837.8 million, as CEO Aris Karytinos has announced at the annual general meeting of shareholders.
At the same time, the listed AEAP also examines its entry into the Data Centers sector, a industry characterized by high investment costs and the need for specialized evaluations. The current value of Prodea Investments real estate exceeds € 3.2 billion, but is estimated to be reduced to € 2.4 billion due to sales of approximately € 783 million, which is already at an advanced stage.
Among the sales of 2024 stands out Sale of three office buildings instead of 69.2 million to TRASTOR AEAP. The largest of the buildings is located on 18-20 Amarousiou-Chalandriou Street, is a surface of 19,744 sq.m. and is leased to Viva Wallet. Its cost was € 33.3 million.
The “package” of real estate also includes an office building of 7,115 sq.m. in Chalandri (72 Antistaseos National), leased to the EU Cyber Security Organization (ENISA), acquired instead of 20.37 million euros, but also another building of 17,585 sq.m. in Kallithea, leased to the General Secretariat of Communication and Information. The price for this property amounted to EUR 15.47 million.
Another sales agreement last year concerns the sale of the Sklavenite group of three stores leased by the chain. These are two properties in Attica, one on Himarra Street in Maroussi and another on Petrou Ralli Street, as well as a store in the city of Katerini.
This strategy aims to upgrade the quality of the portfolio, by enhancing hotel sector sector sector (which now covers 23%of value), an increase in logistics participation (6%) and limiting offices presence (35%) and bank branches. Homes to rent and sell also play an important role.
Prodea currently maintains 12 hotels with 1,690 rooms and 29 catering pointswhile lease revenue is € 149 million a year. 82% of contracts account for fixed income, while EBITDA hotel is estimated at around € 70 million.
AEAP is currently implementing an extensive investment program, which clearly reflects its strategic targeting in sectors with growth prospects and high returns.
Tourist investment is at the top of the list, with a total budget of € 309.5 million. This amount reflects the company’s steady turn to high quality hotel real estate in areas with an increased tourist footprint such as Porto Heli, Paros and Milos.
Following are investments in homes for sale, totaling € 230.5 million, a sector in which Prodea seeks to develop quality housing projects with commercial value, responding to demand for modern and energy efficient real estate. In the logistics sector and storage installations, investments of 123.1 million euros are investing, confirming the company’s intention to boost its presence in a dynamically growing sector directly related to e -commerce and supply chains.
At the same time, a significant € 89 million budget is channeled to the development of modern offices, with an emphasis on “green” properties and uses that serve long -term leases. Finally, € 77.9 million is directed to houses for lease, targeting long -term income.
According to the administration’s presentation, total expected revenue from the completion of the above investments are estimated at around € 293 million, while annual rental revenue is expected to be € 15.3 million. In terms of efficiency, Prodea aims at yield on cost’s 7%, net profit margin of 27%and EBITDA YIELD, 9.3%.
As Aris Karytinos said, the main objective of the strategy is to upgrade the quality and active restructuring of the portfolio. “We are seeking a substantial upgrading of both the quality and the composition of our portfolio,” he said.
The company remains committed to modern, sustainable sectors, such as energy efficient offices and logistics, and gradually reduces its exposure to traditional retail and low performance properties. At the core of the strategy remains the choice of strong and reliable tenants, through fixed income contracts and long -term leases.