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industrial Market News: Spanish Real Estate Intelligence

Noval REIC's three priorities in 2020

The transformation of the Piraeus street property into a complex for leisure and culture activities, offices, hotel and shops, the completion of the expansion of the River West Shopping Center in Kifissos, and the apartment building of 4,500 square meters in the Metz area are among the new developments of Noval REIC, the Viohalko Group real estate investment company.

The property on Piraeus Street covers an area of ​​approximately 73,000 sqm, and the buildings cover about 44,000 sqm. In collaboration with an internationally renowned architectural firm, Noval's administration is launching a project to build new 50,000-square-foot buildings within a leisure and green park.

With a portfolio of 41 properties with a total area of ​​429,900 sqm and worth € 298.5m, Noval is the second largest Greek real estate investment company (REIC). The company's annual rental income is projected to move close to €23.6 m this year.

The company's portfolio includes 14 industrial properties, 10 office buildings, five retail real estate, four hospitality properties and eight of other categories.

The most profitable property in terms of rent revenue is the one hosting the IKEA on Kifissou Avenue (30% of the revenue comes from that property), while 20% of the revenue comes from the Orbit office complex on Kifissias Avenue. 13% comes from 'River West'. In the fourth place is the building that houses the hotel "Wyndham Athens" on Karaiskaki Square (10% of rental income) and in the fifth place is the office building on Amarousiou-Halandriou 33 street. Next is the "Mare West" shopping center in Corinth, where expansion works have recently been completed.

Original Source: Euro2day

Adaptation/Translation: Kiki Athanasiadis

 
Trastor acquired a logistics center in Magoula, Attica

Trastor REIC has announced that the acquisition of the professional warehouse in Magoula, Aspropyrgos, has been completed. The company had been appointed bidder for the acquisition of the property on the 19th of September, last year.

The total area of ​​the property is 4,925 sqm, and the price offered by the Company amounted to €1.1 m.

Last week, Trastor released its 2019 Investment Statement. According to that, the Company made 13 new investments in commercial real estate. As of December 31, 2009, the company's investment property portfolio included 54 properties valued at €168.1 million.

In addition, the Company invested in shares of four public limited companies with a privately owned office building each. The total valuation value of the 58 investment properties of the Group (the Company and its subsidiaries) amounted to EUR 200.7 million.

Original Source: Euro2day

Adaptation/Translation: Kiki Athanasiadis

 
Prodea Investment acquired building in Athens

Prodea Investments has acquired a 5,462-square-metre office building in Athens, implementing its strategy to acquire commercial real estate with significant value add prospects. Prodea Management has not yet decided on the use of the property as its proximity to the Acropolis, the Athens centre and a subway station makes it ideal for both office and hospitality use after renovations. The building is situated on Syggrou 44 ave., and the acquisition price for it amounted to €5.9 million.

Prodea also continues its investment in logistics centres by acquiring the 100% of ILDΙM. ILDIM owns the logistics centre in Aspropyrgos area which was constructed in September 2019 and meets the most up-to-date logistics specifications. The total surface of the property is 5,069 sq.m. and is already leased to a trusted tenant. The acquisition price of the property amounted to €2.79 million. The acquisition of ILDIM’s shares was based on the Company's equity, taking into account the aforementioned consideration for the property.

Original Story: Capital

Adaptation/Translation: Kiki Athanasiadis