Trade Estates REIC to be listed on ATHEX
The Fourlis group is planning to list its Trade Estates Real Estate Investment Company on the Athens Stock Exchange in the second half of October.
At the same time, it is also possible that another investor may have entered the company’s share capital earlier, through a private placement.
It should be recalled that since last July Autohellas has owned 12% of Trade Estates REIC.
The other element that remains to be seen is how the portfolio of the REIC will have been shaped until its entry into the company, as the management, since the chairman of the board of directors and Vassilis Fourlis are considering three more logistics centers and three commercial parks.
Today the net value of the Trade Estates properties is approximately 213 million euros, with a gross value exceeding €313 million.
At the same time, the group appears to be reconsidering the use of the commercial park in Spata, eastern Attica, on land opposite the Smart Park. This is because a plot of land located next to the area in question was purchased by Microsoft in order for the technology giant to build a data center.
This development is leading the Fourlis group to second thoughts about whether a commercial park should be built there or whether the area in question should acquire other uses.
The IKEA store by the Athens airport will occupy a smaller area as of early 2024, leaving more space for the Fourlis retail hub.
