Sales real estate of a total amount of 500 million euros from 2019 and until the end of 2023, the Prodea Investments. He has gained from these sales profits 80 million euros, based on the difference between the acquisition value and the sale price. In this context, the listed company’s management will ask the bondholders of the €300 million loan issued by Prodea in the summer of 2021, to approve a series of amendments to the accounting of the activity in question, which is now characterized as a normal and recurring activity, as it will continue in the coming years.
This is because the company is attempting a more active management of the investment portfolio, totaling 2.7 billion euros, in order to modernize and “green” it, i.e. to transfer older and non-energy efficient properties to third parties in order to add new ones , green buildings, which the company is already developing or for which preliminary purchase agreements exist. Prodea’s strategy now concerns office buildings, logistics and real estate in the residential and hospitality sectors.
The most recent property sale deal involves the sale of a portfolio of 43 properties to its group National Bank. This is an agreement with a total value of 237.2 million euros, through which liquidity is also drawn and Prodea’s debt is reduced. Specifically, cash and cash equivalents will increase to 269 million euros, from 176 million euros. At the same time, the ratio of net borrowing to the value of the company’s portfolio will be 41.8%, approaching the strategic goal set by the management. This ranges between 35% and 40%.
At the same time, the process of investigating the purchasing interest for the sale of the company’s portfolio of 25 properties in Italy. These are buildings with a total commercial value of 402 million euros and a gross leasable area of 192,000 sq.m. It mainly concerns office buildings, while occupancy is 73.6%, according to a recent presentation of the listed company.
