Another move to acquire a property is expected to be completed in the next few days Trastor AEEAP of her group Bank of Piraeus. Specifically, according to information from “K”, the company has bid in a closed private process for the acquisition of a vacant building in the center of Athens. The seller was a foreign business group, while the price is estimated to be around 5 million euros.
The goal of the company’s management is the reconstruction of the building, so that it can function as Office bulding, but without ruling out that the use of hosting is finally chosen, if it is judged to be more advantageous. The total amount of the investment (together with the reconstruction) is expected to approach 9 million euros. This move is going to be financed by the revenue that the company raised from the recent one capital increase which he successfully completed, through which he obtained additional liquidity of 75 million euros.
A month ago Trastor had made an important move, as it bought the group State Business Center at 109-111 Mesogeion Avenue, near “Erikos Dunan”. It is a complex with a total area of 7,261 sq.m., which is leased by the group Italgaswhich has acquired the DEPA Infrastructure. The purchase price amounted to 20.4 million euros. The seller was an interest company of the investment group Bain Capital. However, this particular purchase was financed from pre-existing liquidity and not from the funds raised from the capital increase.
Instead, the capital increase will finance Trastor’s development projects, the investment for the complex purchase logistics, where Trastor also participates in the development arm, as well as other acquisitions. In particular, by the first half of 2025, 15.9 million euros will be allocated for the completion of existing real estate development projects, such as an office building being built on Amarousiou – Chalandriou street in Marousi.
In the logistics sector, Trastor will allocate 18.6 million euros within this year to acquire the shares of the companies “Solon Estate” and “Phineas Estate”, which own properties on which modern logistics warehouses are being built in the area of Aspropyrgos. Specifically, “Solon” has 30 acres on which a 23,800 sq.m. logistics complex is being built.
Part of the proceeds of the increase will be allocated to the acquisition of the property once it is completed. An advance of 6.8 million euros has already been paid, while an additional 13.2 million euros will be required. “Fineas” owns plots of land on which two storage and distribution centers of 10,981 sq.m. are being built. and 4,545 sq.m., respectively. For the acquisition of the company in question, Trastor will allocate 10.4 million euros, in addition to the 3 million euros that have already been paid in the context of the relevant preliminary agreement.
According to Mr. Tasso Casino, the goal is to create a high-quality real estate portfolio worth 800 million euros within the next five years. In this context, by the end of 2024, a total of 130 million euros is expected to be invested. The current value of the portfolio of 55 properties amounts to 455 million euros.