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retail-shopping-centers Market News: Spanish Real Estate Intelligence

PRODEA Investments acquired RE assets in Athens for €16.9 m
More specifically, PRODEA has acquired an office complex of a total surface of 7,137.32 sqm, located at 72, Ethnikis Antistaseos Str, in Chalandri, in the northern suburbs of Athens and in proximity to Kifissias Avenue (the main prime office avenue in Athens), and a mixed use building, consisting of offices and retail units, of a total surface of 1,892.12 sqm, located at 44-46, Amphiaraou Str, near the centre of Athens. According to the announcement, the office complex in Chalandri features a listed building of 943.97 sqm, operationally connected to a modern office structure of a total surface 6,193.35 sqm, combining seven decades of architectural evolution and two distinct eras of design into prime corporate headquarters with neoclassical and contemporary features. The complex was fully refurbished in 2019 and can accommodate a single user or multiple tenants. It  is  easily  accessible  via central  avenues  and  public  transportation  and  boasts  a spacious garden area of 2,000 sqm that can cater to the needs of corporate events. As part of the same transaction, PRODEA also acquired a  mixed  use  building,  consisting  of offices  and retail  units,  of  a  total  surface  of 1,829.12sqm,  located  in  the Municipality  of Athens.  The property is easily accessible via Lenorman Str, which connects the National Highway Athinon–Lamias to the centre of Athens.  It was refurbished in 2010 and has additional building potential. Original Source: BusinessDaily.gr Adaptation/Summary: Kiki Athanasiadis
Trastor REIC acquired property in Piraeus – the plans for the near future
Trastor REIC announced the acquisition of a retail property in Piraeus. According to the announcement, “following the General Shareholders Meeting  approval granted  on 09.05.2019, Trastor REIC announces the acquisition of a retail property in Piraeus. The property is located at the most commercial high-street in Piraeus, at the junction of Kountouriotou Str., Sotiros Dios str. and Praxitelous str. The total surface area of the property is 333 sq.m. and consists of basement and ground area with mezzanine and is fully let. The acquisition price is €1,465,000. The transaction was financed by funds  raised fromthe  Share  Capital  Increase  completed  in  August 2019and in cash”. The management of the company estimates that it will soon be able to announce new investments, based on what was mentioned in the annual general meeting. The management of the company estimates that the goal of increasing the value of the company's real estate portfolio to 300 million euros by the end of 2020 is feasible, despite the crisis caused by the pandemic. Already, since the beginning of the year, investments of of €66 m have been made, resulting to a portfolio of €267 m and the gross annual income is €15 m. According to Tassos Kazinos, CEO of Trastor, "although the Greek real estate market may present investment opportunities in the near future, especially in areas that will be most pressed by the crisis, such as hispitality - hotel real estate and shops, we have to be careful, also looking at what is happening abroad ". According to Mr. Kazinos, "it is certain that there will be consequences in the Greek market and the coming winter will be difficult, as no one is able to assess the impact of the crisis on the market. In this context, it is necessary to readjust our investment risk, operating more conservatively”. The company will continue to focus on independent office buildings of modern standards, but great emphasis will be placed on the addition of more logistics properties, which seem not only will not be affected by the crisis, but will also record a benefit. In fact, Trastor may even be involved in an investment with a developmental character. At the same time, the management will continue to consider possible opportunities in the commercial and hospitality sectors, provided that the returns are such as to justify the risk and subject to the condition that the tenant will guarantee the receivables of the rents. Original Source: Kathimerini.gr Adaptation/Summary: Kiki Athanasiadis
The Covid-19 impact on the Lamda Development malls
The three Lamba Development malls are gradually getting back on track according to the data released in the newsletter for the bond loan of €320 m. Of the three, the Mall Athens suffered the biggest blow from the pandemic. According to the data, a week prior to the drafting of the newsletter, there was a traffic drop in the malls by 47% compared to the same week of 2019. The impact on Mediterranean Cosmos is smaller (-28 %) and in Golden Hall (-13%). The traffic data are not comparable not only because of the pandemic but also because there was no simultaneous start of all areas of activity of the malls after the end of quarantine. The management of Lamda Development claims in the newsletter that "as far as The Mall Athens is concerned, the traffic was also affected by the fact that it is accessed largely by the metro". Regarding the Mediterranean Cosmos in Thessaloniki, the traffic "was influenced by the lack of tourists in our country, which traditionally starts in June in this shopping center". Lamda insists that it is likely that Lamda Malls, which now controls Golden Hall and Mediterranean Cosmos and is expected to take control of The Mall Athens, will enter the the stock market next year. Due to reduced rents received during this period, the invoiced rental income in the three malls for the months of March, April, May and June 2020 decreased by €11.7 m, (54.5% less than the income that would have been received in normal conditions). In addition, Lamda "has lost for the period 13.03.2020 until 17.05.2020 the entire income from the operation of the parking lots, as well as the income from the advertising on the premises of the malls and the variable rent on the sales of shopkeepers. For the corresponding period of 2019, the group had revenues of €1.9 m. At the same time, the listed company, which pays rent for the shopping and entertainment center Mediterranean Cosmos in Pylaia, Thessaloniki, received a reduction of the fixed part of the rent for the period March - June 2020, amounting to €480,000. Given that 31.7% of Lamda Malls is owned by the American investment company Varde Partners, "the total loss of taxable income after taxes and minority interests is estimated at €8.1 m for the period March-June 2020 and is estimated equal impact on the net asset value of the group (NAV) and € 0.046 on NAV per share. The overall impact on the financial results and profitability of the group for the current year, due to the pandemic of Covid-19, cannot be accurately estimated, due to the fact that the pandemic is still ongoing. According to the newsletter, "the three shopping and entertainment centers, namely The Mall Athens and Golden Hall in Athens and Mediterranean Cosmos in Thessaloniki, are high quality properties with a total of about 300 retailers, 530 stores, over 5,500 brands and total lease revenue around € 700 m a year. The malls are visited annually by about 23 million people. According to the company, the yield of the three shopping centers for the period 01.01.-31.12.2019 is 6.8%.