The procedures for starting the works on the lands acquired by the Orilina Properties AEEAP in the Greek, where he is planning the development of a complex of luxury residences and a private members’ club. In the previous period, the required building permit was secured and now the process of searching for a manufacturer through a relevant tender has begun.
The play “Marina Residences by Kengo Kuma” envisages the construction of a complex of 4,900 sq.m., which will include penthouses and maisonettes, with private pools and gardens, as well as recreational areas, which will be available to all residents. All properties will have sea views, as well as Lamda Development’s Riviera Tower residential tower, which is being built nearby, as the acquired land is on the beach front. In addition to the residential complex, a private club will be created on the adjacent land that will provide a series of services and benefits, exclusively for the owners of the houses. It will include restaurants, swimming pools, courts, an outdoor gym and many outdoor recreation areas.
The residences will be built on a 22.8-acre plot, the cost of which amounted to €27.57 million, while the club will be developed on a 24.5-acre plot, for which an additional €2.65 million was spent. For the needs of the investment, Orilina will spend a total of 77.4 million euros (30 million euros land costs and 47.4 million euros construction costs), of which 30 million euros will come from the proceeds of the increase of capital with public registration of the company’s shares, which was successfully completed towards the end of 2023. At the same time, the listed company has also secured debenture loan of up to 50 million euros.
The process of searching for a manufacturer has started, through a relevant tender.
In the 2023 financial year, the Orilina group’s rental income amounted to €6.1 million, an increase of 8.1%. Operating profits amounted to 10.73 million euros, from 8.7 million euros, as the profit from the valuation of the group’s investment properties at their fair value reached 7.38 million euros, from 4.11 million euros. euro. Of course, as the investment in Elliniko matures, this size is expected to increase steeply, as well as the value of the listed company’s portfolio, which at the end of 2023 amounted to 111 million euros, with an annual yield of around 7%. During last year’s use, the net profit after taxes they amounted to 10 million euros, against 8.48 million euros, marking an annual increase of 18%.
For the year 2024, a new increase in the value of the portfolio, as well as in revenues, should be expected, as the maturation of the project in Elliniko will “continue”, while at the same time efforts to increase rental income continue. For example, recently, the lease of part of it was secured office building of the company in Kifissia, on Ermou Street (a side street of the National Highway). There, the Fourli group will be installed in the next period, which will now be co-located with the Ellactor group, which originally owned the building (that is, before it was sold to Orilina for 25 million euros).
