Trastor: Aiming at 1.2-billion-euro portfolio; 150-million-euro share capital increase

Trastor REIC is proceeding with a 150-million-euro stock superior increase, aiming to physique a portfolio with a total gross plus value (GAV) of 1.2 cardinal euros.

According to institution executives, the nationalist offering will take spot from Monday, May 11, to Wednesday, May 13. The terms scope for the caller shares and the related prospectus will beryllium announced connected Friday, aft the adjacent of trading connected the Athens Stock Exchange.

Trastor’s main shareholder, Piraeus Bank, presently holding 98.58% of the company, will enactment successful the superior summation with astir 50 cardinal euros. A cardinal prerequisite for the completion of the transaction is the summation of the company’s escaped interval to astatine slightest 15%. As highlighted, the stock superior summation will not proceed unless this target is achieved.

The further enlargement of Trastor’s portfolio is supported by an concern pipeline under valuation worth 568 cardinal euros, comprising 24 properties. Of this amount, 82% relates to nonstop transactions, while 61% concerns mature organization investments. Part of the pipeline besides includes assets with redevelopment imaginable and opportunities for value creation. The mean transaction size stands astatine 24 million.

The company’s strategy focuses connected gathering a larger commercialized existent property platform, centered connected high-specification bureau properties and greenish logistics facilities. A cardinal nonsubjective is the introduction of overseas investors into the company, and for this crushed institution executives, led by Chief Executive Officer Tasos Kazinos, person held applicable discussions successful London.

As Kazinos implied, the existent stock superior summation represents lone the beginning, with further efforts planned to pull larger overseas organization investors with a semipermanent concern horizon.

The funds to beryllium raised done the superior increase, together with an equivalent magnitude of further slope leverage of astir 150 cardinal euros, are expected to beryllium invested within the adjacent 12 months. Trastor presently owns a portfolio of 65 properties with a total leasable country of 492,000 square meters and a total gross portfolio value of 822.6 million.