PRESS RELEASE
Acquisition of an Office Portfolio with a total value of €69,19mn.
TRASTOR REIC (the "Company") announces the acquisition of a distinctive office portfolio from PRODEA Investments, consisting of three standalone, high-visibility office buildings, fully rented under long-term lease agreements.
Specifically, the Company acquired:
- An office building with a total area of 19,744 sq.m., located at 18-20 Amarousiou-Chalandriou street in Maroussi, which holds a BREEAM sustainability certification and is leased to the multinational software development company Viva Wallet. The total purchase price for the property amounted to €33.35 million.
- An office building with a total area of 7,115 sq.m., located at 72 Ethnikis Antistaseos street in Chalandri, leased to the European Union Agency for Cybersecurity (ENISA). The total purchase price for the property amounted to €20.37 million.
- An office building with a total area of 17,585 sq.m., located at 11 Fragkoudi and Al. Pantou streets in Kallithea, leased to the Greek Public Sector and housing the General Secretariat for Communication and Information. The total purchase price for the property amounted to €15.47 million.
The total consideration for the purchase of the office portfolio amounted to €69.19 million. This was partially financed by funds raised from the capital increase completed by the Company in January 2024, as well as by bank debt.
Mr. Tassos Kazinos, CEO of the Company, on the occasion of the completion of the aforementioned transaction, made the following statement:
"With today's transaction, Trastor is making another significant value-added investment in the office sector, acquiring three exceptional income-generating properties with top-quality characteristics and highly reliable tenants. This move is expected to immediately boost the Company's financial results by at least 12% annually, while at the same time significantly accelerating the achievement of our growth targets, contributing to the strengthening of our dividend policy.
This investment becomes even more significant as it marks a mutually beneficial collaboration between the two leading REICs confirming not only the reliability of our balance sheets but also our ability to act as a combined source of financing and growth through the mobilization of our institutional product and positioning. This is particularly important in a sector where the accumulation of large and homogeneous portfolios remains challenging due to the market's limited depth.
We are particularly pleased with the completion of the agreement with PRODEA Investments, the largest REIC in the country, and look forward to continuing our successful institutional collaboration".
Trastor R.E.I.C. 5, Chimarras str., Maroussi GR 151 25, Τ + 30 210 69 10 016, F +30 210 33 11 956
HCMC License No 5/266/14.3.2003 | GCR No 3548801000 | T.I.N. 099554901
Mr. Aris Karytinos, CEO of PRODEA Investments, made the following statement regarding the conclusion of this agreement:
"This transaction is fully aligned with the current strategy of PRODEA Investments, which, aiming to maximize the value of its portfolio and create long term value for its shareholders, entails the restructuring of its investment portfolio with an emphasis on the hospitality sector, commercial warehouses and sustainable offices.
We are particularly pleased with our excellent collaboration with Trastor REIC, as it highlights the synergies that can be achieved among the leading companies of our sector".
Athens, November 21st, 2024
Trastor R.E.I.C. 5, Chimarras str., Maroussi GR 151 25, Τ + 30 210 69 10 016, F +30 210 33 11 956
HCMC License No 5/266/14.3.2003 | GCR No 3548801000 | T.I.N. 099554901