The start of trading of its shares is scheduled for next Monday Orilina Properties AEEAP in the Athens Stock Exchange, following the successful process of the public registration, with a capital increase, which was completed within the week. Her real estate company of the Natsis family and foreign private investors secured an offer for 40,547,728 shares, corresponding to an amount of 38.52 million euros, against the requested 32,200,000 shares, as a result of which it easily raised the amount of 30.5 million euros that had been set as target. At the same time, the offering price was established in the upper range of 0.95 euros/share.
According to the company’s prospectus, the proceeds of the IPO are to be used in their entirety to partially finance the investment Orilina is promoting in the former airport property in Greek, totaling 77.4 million euros. Of this amount, 30 million euros concern the acquisition of the relevant rights by Lamda Development and the remaining 47.4 million euros the construction costs.
Orilina plans to develop a luxury residential complex under the brand name Marina Residences and a private club for the owners of these apartments, on two adjacent plots. For the acquisition of the right to the first of these, with an area of 22,795 square meters, it has already spent 27.57 million euros, while for the second, with an area of 24,553 square meters, an additional 2.65 million euros have been spent. The first investment is for a total amount of 57.4 million euros (including the purchase of the land) and the second for 20 million euros (also including the purchase of the land). From the revenue of the increase, an amount of 27.3 million euros will be allocated for the construction of the luxury housing complex and the remaining 2.5 million euros for the construction of the private club.
The residential complex will have a total surface area of 4,900 sq.m., offering floor-to-ceiling apartments and maisonettes, with private pools and gardens, as well as recreational areas, available to all residents. All properties will have views of both the sea and the Riviera Tower. As the company reports, 31% of the funding will come from borrowing and the remaining 69% from equity.
The other investment concerns the construction of a private members’ club, with an area of 1,340 sq.m. with underground auxiliary spaces. It will include restaurants, swimming pools, courts, an outdoor gym and many outdoor recreational areas for its members. The total cost of 20 million euros will be covered by 27% from equity and 73% from borrowing. According to the schedule, the construction of Marina Residences will start next year, with a completion horizon of 2026.
The existing real estate portfolio of Orilina Properties totals 140 million euros. It consists of 17 properties, with a gross leasable area of 70,350 sq.m. These include the Office bulding which hosts the headquarters of the Ellactor group, as well as commercial complex (which hosts, among others, Jumbo and the Playmobil Fun Park) in Kifissia, on the Athens – Lamia highway.
