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industrial Market News: Greek Real Estate Intelligence

Trade Estate: New logistics center in Elefsina
Trade Estate, the REIC of Fourlis Group, has signed a pre-contract agreement for the lease of new storage facilities in Elefsina. The company has entered an agreement with an independent retail group for a development of a logistics center of over 50,000 sq.m. In early 2022, Trade Estate reached an agreement with RECON SA, which already had plots in Elefsina, for the joint creation of an integrated complex. After the acquisition of 50 % of RECON, Trade Estate entered into a bond agreement of €10,283 m, with a 7-year maturity to that company, which is expected to finance the development of the investment.  In addition to this investment, Trade Estate also has pre-contract agreements for the acquisition of retail parks in Ioannina and Larissa, in which two medium-sized IKEA stores operate. After the transactions of the first months of 2022, the value of the company’s assets amounted to €270.9 m, with logistics centers and large retail parks. Original Source: Euro2day.gr Adaptation/Summary: Kiki Athanasiadis
 
Trastor REIC acquired commercial warehouses for €13 m
Trastor REIC announced the acquisition of two independent commercial warehouses, with a total area of ​​17,708 sq.m., which are located in the Municipality of Aspropyrgos, Attica. The total price for the acquisition of the properties amounted to €12,950,000 and they are fully leased to multinational companies. According to the Company's CEO, Tassos Kazinos, the environment of widespread uncertainty we are experiencing and strong inflationary pressures on commodity prices and transportation costs are accelerating the structural changes that have occurred in the role structure of global supply chains, already from the first quarter of 2020. Achieving maximum cost/time efficiency in distribution channels and the search for greater resilience is undoubtedly leading to the continued growth of volume management outsourcing through 3PL providers and an increase in demand for warehouse space. Original Source: Euro2day.gr  Adaptation/Summary: Kiki Athanasiadis
 
Ble Kedros REIC acquired property in Metamorfosi
Ble Kedros REIC was the highest bidder for the acquisition of a plot of 4.710.66 sq.m. with a multi-storey building of a total surface of 7.279,45 sq.m.. The property is located on 26 Artemis street Metamorfosi, Attica.  The Company offered EUR €2.6 m. In the coming weeks, the procedural steps for the acquisition of the property are expected to be completed. Original Source: Capital.gr Adaptation/Summary: Kiki Athanasiadis