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Acquisition of offices from Prodea with a total value of €69.19 million | TheGreekDeal.com
Trastor
Acquisition of offices from Prodea with a total value of €69.19 million
Trastor announced the acquisition of a portfolio of office buildings owned by Prodea Investments, noting that these are three freestanding, high-visibility office buildings, fully leased under long-term leases.
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Tassos Kazinos, Chief Executive Officer Trastor REIC

Trastor announced the acquisition of a portfolio of office buildings owned by Prodea Investments, noting that these are three freestanding, high-visibility office buildings, fully leased under long-term leases.

Specifically, the company acquired:

  • An office building with a total surface area of 19,744 sqm, located at 18-20 Amarousiou Halandriou Street, Maroussi, which is leased to Viva Wallet, a multinational software development holding company, and holds a BREAAM sustainability certification. The total purchase price for the property amounted to €33.35m.
  • an office building with a total surface area of 7,115 sq. m., located at 72 Ethnikis Antistaseos Street, in Halandri, which is leased to the European Union Agency for Cyber Security (ENISA). The total consideration for the purchase of the property amounted to €20.37 million, and
  • an office building with a total surface area of 17,585 sq. m., located at 11 Fragoudi Street and Al. Pantou in Kallithea, which is leased to the Greek State and houses the General Secretariat of Communication and Information. The total price for the purchase of the property amounted to €15.47 million.

The total consideration for the purchase of the office portfolio amounted to €69.19m and was partly financed by funds raised from the share capital increase completed by the company in January 2024, as well as by bank loan proceeds.

Mr. Tasos Kazinos, Chief Executive Officer of the Company, on the occasion of the realization of the aforementioned agreement, made the following statement:

"With today's transaction, Trastor makes another significant value-added investment in the office sector, acquiring three excellent income properties with top-quality features and highly reliable tenants. This move is expected to immediately boost the company's financial results by at least 12% per annum while significantly accelerating the achievement of our growth objectives by contributing to the strengthening of our dividend policy.

This investment marks a mutually beneficial partnership between the two leading AIFIs, confirming not only the reliability of their balance sheets but also their ability to act as a combined source of funding and growth through institutional product raising. This is particularly important in an industry where the formation of large, homogeneous, and quality portfolios remains difficult due to limited market depth.

We are particularly pleased to have completed the agreement with PRODEA Investments, the largest AIF in the country, and look forward to continuing our successful institutional partnership."

Mr. Aris Karytinos, CEO of PRODEA Investments, made the following statement on the occasion of the realization of the aforementioned agreement:

"This transaction is perfectly in line with the current strategy of PRODEA Investments, which, with the aim of maximizing the value of its portfolio and creating goodwill for its shareholders, foresees the restructuring of the composition of its investment portfolio with a focus on the hotel sector, commercial warehouses, and bioclimatic offices.

Our entirely flawless cooperation with Trastor S.A. gives us great pleasure as it demonstrates the synergies that can be achieved between the leading companies in the sector."

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