Greece’s Trastor Real Estate Investment Company (Trastor REIC) has acquired a three-building office portfolio from Prodea Investments for €69.2 mln.
The acquisition was funded through a combination of the company's January 2024 capital increase and bank financing.
The portfolio comprises a 19,744 m2 BREEAM-certified building in Maroussi leased to Viva Wallet for €33.3 mln); a 7,115 m2 building in Chalandri leased to the European Union Agency for Cybersecurity (Enisa) for €20.4 mln; and a 17,585 m2 building in Kallithea leased to the Greek Public Sector for €15.5 mln.
All three standalone buildings are fully leased under long-term agreements.
Tassos Kazinos, CEO of Trastor REIC, commented: ‘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 is particularly important in a sector where the accumulation of large and homogeneous portfolios remains challenging due to the market's limited depth.’
Aris Karytinos, CEO of Prodea Investments, added: ‘This transaction is fully aligned with our current strategy, which, aiming to maximize the value of the portfolio and create long-term value for shareholders, entails the restructuring of the investment portfolio with an emphasis on the hospitality sector, commercial warehouses and sustainable offices.’
