PRESS RELEASE
Trastor announces its investment portfolio exceeded the €0.5bn milestone
Trastor R.E.I.C. (the "Company") announces for the first half of 2024 a 12.9% increase in the Group's rental income from investment properties, amounting to €14.2mn compared to €12.6mn in the corresponding half of 2023. This increase excludes the substantial positive impact expected from two key properties undergoing extensive renovations, featuring modern sustainability standards aimed at achieving LEED and BREEAM sustainability certifications.
For the period ending June 30, 2024, earnings before interest, taxes, depreciation, amortization, and gains from revaluation of investment properties (adjusted EBITDA) rose to €9.3mn compared to €8.6mn for the corresponding half of 2023.
As of June 30, 2024, the Group's portfolio consisted of 60 prime properties, with a total fair value of €536.4mn compared to 55 properties valued at €468.7mn as of December 31, 2023. This growth was underpinned by the successful utilization of part of the €75mn capital raised earlier this year, which increased the Group's investment portfolio by 14.5%.
During the first half of 2024, the Company made strategic acquisitions totaling €12.8mn, including an architecturally distinct office building in Kolonaki and a warehouse in Magoula, Attica. Both properties will undergo substantial energy and building upgrades, while the Magoula warehouse is already leased to a leading Greek logistics service provider under a new long-term agreement.
Further strengthening its logistics portfolio, Trastor completed the acquisition of two companies, adding three newly built state-of-the-art warehouse facilities valued at €34.2mn. These fully leased properties are tenanted by prominent domestic and multinational 3PL providers, with one facility already achieving LEED Gold certification. This acquisition further solidifies the Company's leading position in developing the most advanced sustainable logistics portfolio in Greece.
Additionally, in a landmark move, Trastor signed a preliminary agreement with a €12mn down payment to acquire the largest standalone distribution center in Greece, covering approximately 75,000 sq.m.. The building, expected to be completed in 2025, will be fully leased to the country's largest food retailer and is expected to achieve LEED Gold certification, reinforcing Trastor's dominance in the logistics sector.
In June of this year, and for the first time since its establishment, the Company founded a subsidiary holding company, a move that indicates its intention to expand and diversify geographically its presence in Cyprus by exploiting potential opportunities in the country, always in the context of its investment strategy in Greece.
Finally, during the first half of the year, the Company completed the construction of a modern logistics facility in Aspropyrgos, Attica, while ongoing construction of a multi-story luxury office building in Maroussi is progressing. Both properties are expected to achieve LEED sustainability certifications, reflecting the Company's commitment to sustainable, high-quality developments.
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
As of 30.06.2024, the Group recorded gains from adjustment of investment properties to fair values of €11.7m compared to €9.7m during the same period last year.
Cash as of June 30th, 2024, amounted to €48.4m compared to €17.9m on December 31st,2023.
The Net Asset Value of the Group's share as of June 30th, 2024, amounted to €1,487 (NAV per share).
Athens, September 27th, 2024
The financial information for the period ended 30.06.2024 is available on the Company's website:
www.trastor.gr
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