Premia Properties recorded a 9% increase in revenues and a 21% increase in operating profitability (adjusted EBITDA) on a consolidated basis, compared to the corresponding period of 2023, during the first quarter of the current financial year. 

Profit before tax was lower, influenced by lower fair value adjustments to investments and increased financial costs compared to the corresponding period in 2023. 

The company maintained its healthy financial structure, with the Group's Net Position at €148.5 million, net debt at €166 million and total Group Assets at €364 million.  

The Group has 53 properties and approximately 385 thousand square meters of buildings under management, with a total investment value of €319 million, up 4% compared to the end of 2023.   

During the first quarter, the Group continued to implement significant investments and actively manage its portfolio. It also reports that the conversion of the Athens Heart shopping centre into a green office complex and the development of modern student residences in Xanthi are currently underway, with a completion horizon of the first half of 2024. Two (2) new investment commercial properties worth €1.5 million were acquired, while preliminary agreements for the sale of two properties worth €0.6 million (underutilized land in Paros) were signed. 

OUTLOOK FOR 2024

The outlook for the Greek economy remains positive; however, the international macroeconomic environment is volatile, as there is still significant uncertainty amidst high interest rates and geopolitical turmoil with ongoing wars in Ukraine and the Middle East.  

In this evolving environment, management's key priority remains the consistent and effective implementation of the Company's business plan. emphasis is placed on the timely completion of ongoing projects and transactions (ADE Offices at 180 Piraeus St., Student Residences in Xanthi, new logistics in Aspropyrgos with Iron Mountain as tenant, Project Skyline), which will gradually enhance the Company's financial performance.  

Premia is also exploring the market to identify new suitable investments, aiming to optimize the composition, diversify the investment portfolio and enhance its qualitative characteristics. At the same time, it seeks to finance itself on competitive terms, making use of all appropriate financial instruments, such as financing under the Recovery and Resilience Fund.