PRODEA Investments announces that the group's turnover in the first half of 2024 amounted to €113.1 million compared to €86.7 million in the first half of 2023. The increase (30.4%) is mainly due to the acquisition on 24 January 2024 of a majority stake and control of MHV Mediterranean Hospitality Venture Plc ("MHV"), which is now the main investment vehicle for hotel property investments.

Operating profit for the period amounted to €86.1 million, compared to a profit of €87.8 million in H1 2023, a marginal decrease of 1.9%.

The level of financial charges (due to the Euribor remaining at high levels despite having started to gradually decrease) and the AIFMR tax (due to its connection to the benchmark rate of the European Central Bank) had an impact on the profit for the first half of 2024.

In order to mitigate the impact of the increased Euribor, the Group has entered into interest rate hedging contracts for an amount of €919.4 million. In addition, as part of the optimisation of its loan structure, the Group has made amendments to loan agreements, achieving a reduction in its borrowing margins. As a result, the group's borrowings with fixed interest rate terms or for which interest rate hedging contracts have been concluded amount to 85.3% of the total, and the current weighted average margin of the group's borrowings is 2.32%.

The fair value of properties under management1 amounted to €3,155.7 million compared to €2,717.3 million at 31 December 2023. The change is mainly due to the acquisition of MHV.

The Group's NAV as of June 30, 2024, amounted to €1,522.8 million, or €5.96 per share, compared to €1,505.8 million and €5.89 per share, respectively, as of December 31, 2023, an increase of 1.1%.

Within the first half of 2024, the group completed investments (mainly commercial properties, hotels, and residential projects under development) for a total value of €303.4 million, while the total value from the sale of properties amounted to €82.6 million.

PRODEA Investments continues its investment activity in line with its current strategy, which, aiming to maximise the value of its portfolio and create goodwill for its shareholders, provides for the reform of the composition of the investment portfolio with emphasis on bioclimatic offices, commercial warehouses, and the hotel sector, on the one hand, and the sale of mature or non-strategic properties or property portfolios in all the countries where the group operates, on the other hand.