The public offering of the shares of Trade Estates AEEAP Fourlis group concludes today, with market sources speaking of a satisfactory participation of investors, institutional and non-institutional. It is recalled that the company is proceeding with a capital increase through the allocation of up to 28,169,015 new, common, registered, with voting rights shares, with a nominal value of 1.60 euros each and with the abolition of the pre-emptive right of the existing shareholders. The offering price range is set between €1.92 and €2.13/share, with management planning to raise net proceeds of €56.9 million.
The entire proceeds of the capital increase are to be allocated for the partial financing of the acquisition of the Smart Park commercial park by REDS in Gyalou of Spaton. The particular deal, worth €110 million, is due to be completed by the end of the year, increasing the value of the company’s portfolio to €450 million, given that the property has been valued at 127 million euros. In fact, given that the introduction of Trade Estates takes place, based on the value of the portfolio, as it was formed on June 30, significant capital gains arise for the company’s new shareholders.
At the same time, the company has launched an ambitious investment program, amounting to 180 million euros, which concerns new developments, but also projects to upgrade existing properties. Specifically, it is planning the construction of a commercial park in Elliniko, with an area of 30,000 sq.m., which will be completed in the first quarter of 2027. 40% of the area in question will host a new IKEA store and the remaining 60% will concern 7-9 commercial chains, with stores of 1,000-1,500 sq.m. each one. Its total height investment estimated at 68 million euros.
In the region, a commercial park is being launched in Patras, with a gross leasable area of 17,100 sq.m. and completion horizon during the fourth quarter of 2024. The specific investment amounts to 27 million euros and will also concern an IKEA store, covering 42% of the area, with the rest being covered by other retailers. The company’s third commercial park is planned in Heraklion, Crete, it will offer an area of 13,200 sq.m. and is expected to be completed by the beginning of 2025. This investment is estimated at 20.6 million euros, with 65% concerning an IKEA store and the remaining 35% other commercial enterprises.
The investment of 45.1 million euros for the construction of a logistics complex, with an area of 56,000 sq.m., is also significant. in Elefsina. For this particular property, there is a lease agreement with the Kotsovolos chain, however it is possible that this could change, in the event of a change in the chain’s ownership status. At the same time, Trade Estates is planning a project to upgrade and reconstruct a 21,000 sq.m. logistics center, also in the area of Elefsina. This project, worth 15.1 million euros, is expected to be completed in the third quarter of 2026. In this context and without counting new additions and acquisitions of properties, Trade Estates is expected to have under its management a portfolio worth at least 700 million euros by 2027.
