Trastor Group's income from investment property leases for the first half of 2024 increased by 12.9%, amounting to € 14.2 million compared to € 12.6 million in the corresponding half of 2023. 

The above increase does not include the expected positive impact of two of the company's major properties, where an extensive renovation program is being implemented, applying modern bioclimatic standards in order to obtain sustainability certifications (LEED/BREEAM). 

Earnings before interest, taxes, depreciation, amortization, and revaluation gains on investment properties (adjusted EBITDA) for the period ended 30 June 2024 amounted to € 9.3 million compared to € 8.6 million in the corresponding half of 2023. 

The Group's portfolio of investment properties, as at 30.06.2024, comprised 60 properties with a total value of € 536.4 million, compared to 55 properties with a value of € 468.7 million as at 31.12.2023. 

The utilisation of part of the total funds of € 75 million raised during the successful increase in the company's share capital at the beginning of the year contributed to the 14.5% increase in the group's investment portfolio. 

As part of the new investments, the company proceeded in the first half of 2024 with the acquisition of two properties worth € 12.8 million relating to an office building of particular architecture in Kolonaki and a warehouse building in Magoula, Attica. In both properties, the company will carry out extensive building and energy upgrades, while for the warehouse building it has already signed a new lease agreement with a leading provider of transit services in Greece. 

At the same time, the company completed the acquisition of two companies that own three newly built modern warehouse properties with a total fair value of EUR 34.2 million. The buildings are fully leased to domestic and multinational 3PL providers, with one building being LEED Gold certified, reinforcing the company's leadership in creating the most modern bioclimatic logistics portfolio in Greece. 

Also, in a landmark move, Trastor signed a pre-contract, advancing €12 million, for the acquisition of the largest stand-alone distribution center in Greece, with a total area of approximately 75,000 sq m. The building, expected to be completed in 2025, will be fully leased to the largest food retailer and is expected to be LEED Gold certified, further strengthening the company's leadership position in the logistics sector. 

Meanwhile, in June 2024, Trastor established for the first time a holding company subsidiary, indicating its intention to expand and geographically diversify its presence in Cyprus by exploiting potential opportunities in the country, always in line with its investment strategy in Greece. 

Apart from the above, during the first half of the year, the company completed the construction of a modern commercial warehouse (logistics) in Aspropyrgos, Attica, while it continues the construction works for the erection of a high-rise luxury office building in Maroussi. Both properties are expected to achieve LEED sustainability certifications, reflecting the company's commitment to sustainable, high-quality construction. 

The revaluation of the above investment properties of the Group at fair value as of 30 June 2024 resulted in a gain of EUR 11.7 million compared to EUR 9.7 million in the same period last year. The Group's cash and cash equivalents as of 30 June 2024 amounted to EUR 48.4 million, compared to EUR 17.9 million as of 31 December 2023.