Trastor upbeat on opportunities

Commercial real estate Greece

Real estate company Trastor, majority owned by US investment fund Varde Partners, sees further investment opportunities in the Greek market and has earmarked some 45 million euros for spending, the company told shareholders.

In a general assembly held Friday, Trastor chairman Michalis Hatzipavlou said that the acquisition of a 54% share in the Greek company by Varde Partners, via its Luxembourg based subsidiary Wert Red, in 2016 has opened new opportunities for the company.

With Piraeus Bank, Greece's largest lender, the US investment fund holds 95% of Trastor, which means that shareholders have been forced into making a compulsory bid to acquire the rest of the shares listed on Athens bourse, as dictated by Greek law.

Hatzipavlou ruled out the possibility of the company delisting its share from the Greek stock market, adding that future share capital hikes remain among its options.

Trastor has embarked recently on a new investment program, with 21 million euros available from recent increase in share capital and an additional 20 million euros from a seven year credit line from Piraeus Bank. Trastors also has some five million euros in cash, company officials added.