SMART PARK IN THE PORTFOLIO OF TRADE ESTATES REIC FOR THE ACQUISITION, THE TOTAL NET CAPITAL RAISED FROM THE AMC OF NOVEMBER 2023 IS USED
Athens, 4 December 2023
TRADE ESTATES S.A., further to the announcement made on 10 October 2023, informs the investing public that the transaction of transfer of 100% of the shares of “YALOU ANAPTYXIAKI MONOPROSOPI ANONYME COMPANY FOR COMMERCIAL AND TOURIST ACTIVITIES” (the “YALOU MAE”) by REDS A. E. (a subsidiary of ELLAKTOR Group), as the specific conditions set out in the sale and purchase agreement of 10 October for the shares of the aforementioned company, which is the owner and manager of Smart Park, the largest commercial park in Greece, have been fulfilled.
The agreed value of Smart Park for the transaction amounted to €110 million (on a debt free-cash free basis). The acquisition value of the shares of YALOS M.A.E. amounted to €95.8 million and was largely covered (53%) by the total net capital raised from the Equity Capital Increase of TRADE ESTATES S.A. which was successfully completed in November 2023.
The Smart Park is located at Gyalou, within the Business Park “Petra-Gyalou-Agios Dimitrios-Pyrgos”, in the Municipality of Spata – Artemis and covers an area of approximately 91,000 sq.m. It has a gross leasable area of 50,592 sq.m., green areas of approximately 30,000 sq.m. and 1,500 parking spaces. Its commercial space is 100% leased to the largest retailers in Greece. The Shopping Park has achieved an impressive recovery performance in the post-Covid era, demonstrating its resilience. As an indication, the Trade Park’s footfall in 2022 was 6.1 million visitors, up 13.2% compared to 2019. At the same time, the first nine months of 2023 saw a further significant increase of 18% in visitor numbers, compared to the same period in 2022.
This particular investment by Trade Estates SA is part of its strategy as the only real estate investment company in Greece specializing in the acquisition and development of large-scale Shopping Parks and modern Logistics Centers, as these two categories are an integral part of the Omnichannel approach that is evolving in global commerce. By reinforcing its strategic focus, the company aims to successfully respond to the ever-evolving market and consumer preferences.
Commenting on the completion of the transaction to acquire Smart Park, Trade Estates CEO Dimitris Papoulis said: “We are proud to add Smart Park, the largest commercial park in Greece, to Trade Estates’ strong portfolio of commercial properties. With the completion of the acquisition, we are making the best use of the funds we recently raised through the Equity Capital Increase that our company carried out in November 2023 and the listing of its shares on the CSE. This acquisition is part of our company’s dynamic investment plan and we aim for further growth through the implementation of a clear investment plan of strong returns and low environmental footprint, with a vision to transform the retail real estate industry in our country.”
About Trade Estates SA
Trade Estates AEEAP, a company listed on the Athens Stock Exchange Regulated Market, with strong shareholders Fourlis Group, Autohellas and Latsco Hellenic Holdings, is the only real estate investment company in Greece specializing in the development of new generation retail parks and Logistics Centers to serve the omnichannel retail strategy, with operations in Greece, Cyprus and Bulgaria. Trade Estates’ portfolio currently consists of 10 Shopping Parks, 3 Next Generation Logistics Centers and one Property Under Development. Its investment plan for the next 4 years includes the creation of new shopping parks in Greece (with the flagship shopping park in “The Ellinikon Park”) and the creation of new Logistics Centers.
According to the company’s development plan, by 2027 it will have a total of 18 commercial properties with a low environmental footprint, high yields and strong long-term tenants.
For more information please contact:
Trade Estates, Tina Taktiko, tel: 216 20 22 200, e-mail: tina.taktikou@trade-estates.gr
