The consolidated financial results of 2024 have been announced today (2.4.2025) or Trade Estateswith total revenue amounting to EUR 46.2 million versus EUR 26.7 million (increased by 73.1%) in 2023.
The Board of Directors of Trade Estates will recommend to the regular General Meeting of shareholders to be convened on June 13, 2025, the distribution of a dividend of EUR 12.052.877.10 (which corresponds to a net amount of € 0.10 per share) for the use of 2024. a net amount of EUR 0.047706 per share) Following on the decision of the Board of Directors of the Board of Directors of the Company dated 18 November 2024, the remainder of the dividend is EUR 6,302,931.55 (ie EUR 0.052294 per share).
Basic financial data
- Rent revenue amounted to EUR 37.5 million versus EUR 23.9 million (increased by 56.9%) compared to 2023.
- Adapted pre -taxes, interest and depreciation (Adjusted EBITDA) amounted to EUR 30.1 million versus EUR 18.2 million (increased by 64.9%) compared to 2023.
- Net profit, not including profits from adjusting the fair value of real estate investment, amounted to € 13.1 million compared to EUR 7.5 million (increased by 75.2%) compared to 2023.
- Funds from operations amounted to EUR 15.2 million versus EUR 8.9 million (increased by 70.9%) compared to 2023.
- Total assets of EUR 605.1 million at 31.12.2024 versus EUR 543.8 million (an increase of 11.3%) compared to December 31, 2023.
- The Gross Asset Value on 31.12.2024 amounted to EUR 541.5 million versus EUR 486.0 million to 31.12.2023 (11.4%increase).
- The Net Asset Value on December 31, 2024, amounted to EUR 311.9 million (EUR 2.59 per share) compared to EUR 298.4 million (EUR 2.48 per share), increasing 4.5% compared to December 3123.
Important
In 2024, consumers who preferred to visit Trade Estates’s commercial parks amounted to 21 million, up by 2023 by 11.2% while store sales increased by 7.4% compared to 2023, reaching € 480 million. The significant increase in lease revenue from third -party tenants and the expansion of the IKEA non -brand -related revenue from 41% to 31.12.2023 to 57.8% to 31.12.2024 confirms the successful lease management strategy.
The agreement on the creation of Trade Estates of the Inter IKEA International Distribution Center in Aspropyrgos has also been completed, while work on the property on which the International Logistics Center of INTERIKEA will be erected are proceeding with intensive pace and evolve on the basis of the project timetable.
Referring to the construction of a new Logistics Center in Elefsina to be leased to Kotsovolos, urban and building licensing is evolving.
On October 14, 2024, a divisive horizontal owner was signed with the company of HELLENIC MAE. (subsidiary of Lamda Development SA), for the implementation of a retail park at Commercial Hub, where The Ellinikon Mall will also be developed.
On November 30, 2024, the Top Parks commercial park of Patras with 100%lease is started. On December 2, 2024, the merger procedures for the subsidiaries “Rentis Investments of Property SA” and “Bersenco SA” from the company were completed. On December 23, 2024, the payment was made for the financial year 2024.
Investment
In the field of commercial parks, the construction activity of the new commercial park in Heraklion, Crete, is intensifying with an integration plan in the second quarter of 2025.
On 31.07.2024 an agreement was signed between the company and TEN BRINKE HELLAS SA to acquire all of the ‘personal development and exploitation of immobilized public limited companies’ (after the cumulative fulfillment of the defined conditions), which holds a plot of surface area of 50.882.52.52. In the Heraklion Regional Unit, in which a new commercial complex will be developed with a total leaseable area (GLA) of 14,770 sq.m. about.
Dimitris Papoulis, Managing Director of Trade Estates AEAP, said: “In 2024 it was an excellent year for Trade Estates AEAP as our financial performance has significantly exceeded the Guidance of the year, for the benefit of the company and its shareholders. The over -performance of our commercial parks, the launch of the Top Parks of Patras in 2024 and, in particular, the complete integration of Smart Park have contributed to a strong increase in all of our sizes. We continue to implement our investment program seamlessly, with the delivery and operation of the Top Parks Trade Park in Heraklion in Heraklion and the Interikea International Distribution Center in Aspropyrgos, while considering new investment in the trade in commercial real estate and logistic centers.
With the completion of the private placement of 16% of the share capital by the Fourlis Group, it was achieved the expansion of our company’s shareholder with the entry of new powerful investment schemes, while existing key shareholders increased their participation, giving us strong vote. The proposed recommendation of the Board of Directors to the upcoming Regular General Assembly to distribute the highest dividend (€ 0.10/share) to date, confirms our strategy and dedication to the creation of value for our shareholders. “