TRADE ESTATES REIC: SHARE CAPITAL INCREASE THROUGH PUBLIC OFFERING AND ADMISSION TO TRADING OF ALL SHARES ON THE ATHENS STOCK EXCHANGE – PUBLIC OFFERING FROM 1 TO 3 NOVEMBER 2023

TRADE ESTATES REIC: SHARE CAPITAL INCREASE THROUGH PUBLIC OFFERING AND ADMISSION TO TRADING OF ALL SHARES ON THE ATHENS STOCK EXCHANGE – PUBLIC OFFERING FROM 1 TO 3 NOVEMBER 2023

Athens, 25 October 2023

The Hellenic Capital Market Commission approved the Company’s Prospectus.

The Company’s investment plan of up to EUR 292 million to be implemented by 2027 focused on Retail Parks & Logistics Centers.

Trade Estates REIC is in the final stage for the launch of the Public Offering and its listing on the Regulated Market of the Athens Stock Exchange. Following the approval of Prospectus by the Hellenic Capital Market Commission on 24 October 2023, the Public Offering of up to 28,169,015 new shares to be issued pursuant to the share capital increase will take place from Wednesday, 1 November 2023 at 10.00 a.m. (GR) until Friday, 3 November 2023 at 4.00 p.m. (GR)

NATIONAL BANK OF GREECE S.A., PIRAEUS BANK S.A., ALPHA BANK S.A. and EUROBANK S.A. act as the Lead Underwriters and Coordinators, OPTIMA BANK S.A., AXIA VENTURES GROUP Ltd and EUROXX SECURITIES as Lead Underwriters and BETA SECURITIES and PANTELAKIS SECURITIES as Underwriters.

NATIONAL BANK OF GREECE S.A. also acts as Issue Advisor. “Sardelas Petsas Law Firm” acts as the Legal Advisor on Greek Law matters, while “Ernst & Young (HELLAS) Certified Auditors S.A.” performs special accounting and financial procedures.

The net proceeds of the share capital increase will be directed towards the part repayment of the consideration to REDS SA, as it will be finally determined in accordance with the specific terms of the relevant share sale and purchase agreement, for the acquisition of 100% of the shares of YALOY MONOPROSOPI ANONYMOUS COMPANY FOR TRADE & REAL ESTATE DEVELOPMENT, owner of SMART PARK in Spata, Attica. For detailed information regarding the use of the proceeds of the share capital increase, please refer to the Prospectus approved by the Board of Directors of the Hellenic Capital Market Commission on 24.10.2023.

Following the above, the Chairman of Trade Estates REIC, Vassilis Fourlis, stated: “Since the beginning of our operations, with our experience and visionary planning, we have significantly increased our portfolio and strengthened our position as one of the largest retail real estate investment companies in Greece, demonstrating our commitment to continuous growth and value creation for our shareholders. The forthcoming listing on the Athens Stock Exchange ensures Trade Estates REIC’s prospects for further significant growth and strengthens the company’s resilience. We are determined to continue to deliver value and innovation in the real estate investment industry.”

Dimitris Papoulis, CEO of Trade Estates REIC, stated: “The strategic focus and unique specialization of Trade Estates REIC in Retail Parks and Logistics Centers that serve the omnichannel retail sector in Greece, ensured the success of our company and led to significant performance and resilience of our portfolio. Our forthcoming listing on the Athens Stock Exchange will provide further impetus to the execution of our investment plan as we continue to enrich our portfolio with developments of up to €292 million by 2027.”

Trade Estates’ portfolio currently consists of 9 Retail Parks, 1 property under development in Patras and 3 Logistics Centres. In addition, Trade Estates REIC recently announced (10/10/23) the signing of an agreement with REDS S.A. for the acquisition of 100% of the shares of “YALOY MONOPOROSOPI ANONYMOUS COMPANY OF TRADE & REAL ESTATE DEVELOPMENT & TRADE TOURIST ACTIVITIES”, owner of SMART PARK in Spata, Attica, which is expected to be completed by the end of 2023.

As of 30.06.2023, the Gross Asset Value of Trade Estates REIC portfolio amounts to EUR 330 million, while the Net Asset Value amounts to EUR 225 million.

Based on the published financial results on group level:

  • Total annual rental income for 2022 amounted to €18.9 million, while in H1 2023, rental income amounted to €10.8 million, up 22.2% compared to H1 last year.
  • Net Profit for the First Half of this year amounted to €13.4 million compared to €13.1 million, up 2.5% compared to the same period last year.
  • The Group’s Adjusted EBITDA for H1 2023 increased by 24.0% to €8.6 million compared to €7.0 million in H1 2022.
  • Total Assets as of 30 June 2023 amounted to €382.3 million compared to €333.6 million as of 30 June 2022 (an increase of 14.6%), while the Gross Asset Value of investment properties (excluding long-term land rights and advances on investment properties) amounted to €329.9 million as at 30 June 2023 compared to €275.2 million as at 30 June 2022 (an increase of 19.9%).

The gross yield ratio of its portfolio as of 30 June 2023 was 7.0%[1].

Trade Estates’ investment plan for the next 4 years of up to €292 million includes the acquisition and development of new Retail Parks in Greece, with the flagship Retail Park at “The Ellinikon” as well as the development of new, modern Logistics Centers. According to this investment plan, its portfolio is expected to include 18 investment properties by 2027.

Trade Estates REIC was established in 2018, received its operating license from the Hellenic Capital Market Commission at the end of February 2019, and in July 2021, when its incorporation was completed, it started operating in the real estate investment sector in Greece, Bulgaria and Cyprus. With strong shareholders Fourlis Group, Autohellas and Latsco Hellenic Holdings, Trade Estates REIC is one of the largest real estate investment companies in Greece and the only one specializing in the development of large-scale Retail Parks and Logistics Centers to serve the Omni-Channel retail sector.

The Retail Parks developed by the Company address to all categories of consumers, with easy and quick access and covering all basic needs of everyday life.

The expected timetable for the Public Offer and the admission of all shares of Trade Estates REIC on the Athens Stock Exchange is set out in the Announcement dated 24.10.2023 for the Distribution of the Prospectus.

The approval of the Prospectus by the Hellenic Capital Market Commission should not be considered as an endorsement of the Company or of the quality of the New Shares that are the subject of the Prospectus. Prospective investors should make their own assessment as to the suitability of investing in the Company’s shares.

[1] Not including the property under development in Patras.

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