Latsis enters Trade Estates
Latsco Family Office, the investment vehicle of the Latsis family led by Marianna Latsi, has made a strategic investment in Trade Estates REIC of the Fourlis Group, to acquire a 4.2% stake in the real estate company’s share capital.
The total amount of the investment will be 8 million euros and will be carried out through Latsco Hellenic Holdings Sarl, which will acquire the stake from Trade Logistics ABEE, a subsidiary of the Fourlis Group. After the completion of the transaction, Fourlis will control 83.9% of Trade Estates and the Vassilakis Group 11.9% (through Autohellas).
Vasilios Fourlis, executive chairman of Fourlis Holdings, emphasized that “this holding is of strategic importance, both due to the extensive experience of Latsco Family Office in the real estate market of our country and internationally, as well as in view of the upcoming public offering of Trade Estates and its listing on the Athens Stock Exchange.” It is reminded that this process is set to start in October.
The management of Trade Estates has drawn up a particularly ambitious investment program, as the ongoing projects (in various stages of planning) to develop trade parks and logistics infrastructure will increase the total value of the company’s assets to at least €700 million.
According to the managing director of Trade Estates, Dimitris Papoulis, “over a period of four years, we have secured developments that will increase the value of the real estate portfolio to €500 million by 2027, while at the same time we are evaluating new projects which have the potential to increase value to the level of €700 million.”
The real estate company’s total assets (real estate, cash and holdings) amount to €382.3 million, up 14.5% from a year ago. Of that amount, €330 million concerns the gross value of real estate investments, which have a total leasable area of 291,557 square maters.
That amount is expected to increase significantly, if the management of the group successfully completes the discussions it is conducting with REDS, of the Ellaktor Group, regarding the acquisition of the Smart Park commercial park at Spata, eastern Attica.
