How does Trade Estate’s investment plan progress?

Its planned investments in Patras, Heraklion and Greece and the new Logistics infrastructure in Aspropyrgo and Elefsina are moving forward. At the time of the introduction of SNEAP on the Stock Exchange, it showed increased financial results during the first half of this year. During yesterday’s briefing of analysts, Trade Estates CEO Dimitris Papoulis revealed that the next objective of the SNEAP is to expand further to Bulgaria, while it is particularly sounding Romania’s market. He himself, of course, excluded the fact that the company was expanding into tourism, as it is interested in an area that is dominant and has a competitive advantage, which is not the case in this sector as there are already many strong players. The management of the SNEAP by the end of the year will be consolidated by Fourlis, since through private location it will be allocated to a new or existing investor of 13%, with the parent maintaining a majority. Currently the company’s share base consists of Autohellas which owns 10.4%, Latsco Hellenic Holdings – Mrs. Marianna Latsi’s family office, which has 3.1%, while the Fourli Group has 63.6% which it wants in the next few months to drop below 50%. This results in the company’s free dispersal being today at 22.2%. The company aims at a portfolio of a total value of EUR 1 billion by 2031. By 2028 SNEAP has secured a portfolio of up to 740 million, implementing an investment plan of EUR 207 million. At the same time, it is to distribute a dividend of EUR 70 million by 2028. Its developments in Patras and Heraklion are already under construction, with the Top Parks of Patras starting its commercial operation at the end of 2024. The Top Parks of Patras will significantly develop the city’s commercial map, offering a new destination with easy access and free parking that meets the basic needs of the home and family and is expected to attract over 1.5 million visitors annually. The work of the commercial park in Greece is at the final stage of signing a wedding with a completion plan at the end of 2027. At the same time, in the field of Logistics Centers, we move rapidly towards the completion of the city building and licensing of development in Aspropyrgos, where the regional needs of InterICEA Group will be served, and Elefsina for Kotsovolos. These two flagship Logistics projects are expected to be in full construction development at the end of 2024 while their launch is scheduled for the 4th quarter of 2025. Significantly increased were the financial results of Trade Estates SNEAP during this first semester. In particular, total revenues increased by 71% to 20.2 million euros, while rent revenues increased by 65% to 17.8 million euros, from 10.8 million euros in the corresponding period of 2023. At the same time, net profits, without calculating the profit from the adjustment of the fair value of real estate investments, amounted to EUR 6.9 million, compared with EUR 4.4 million, with an annual increase of 56.8%. The total amount of the assets was EUR 557,2 million, from EUR 543,8 million at the end of 2023, while the gross fair value of the real estate portfolio reaches EUR 500 million, from EUR 484 million at the end of the previous year.