Retailer Fourlis to set up REIC, eyes opportunities in real estate
Retailer Fourlis Holdings is the latest Greek company that wants to set up its own real estate investment business (REIC) in a bid to better utilise its assets and take advantage of improving conditions in the property market.
Fourlis, that owns the IKEA franchise in Greece, Cyprus and Bulgaria, has applied to the Capital Markets Commission for an operating licence for a REIC that will be called Trade Assets, it said in a statement. Its property portfolio currently stands at some 176 million euros.
"Fourlis Group aims to establish a REIC that will be investing purely in quality retail properties and e-commerce infrastructure. The retail evolution in physical and digital form, creates significant opportunities in the real estate market in Southeastern Europe," it said.
"Trade Estates REIC, will grow by acquiring new retail assets from the market, which along with the existing Fourlis assets, will represent a high quality retail property portfolio," it added.
Metals group Viohalco and furniture retailer Coco-Mat have adopted similar strategies to set up their own REIC. Under Greek law, the shares of REICs must be traded on the Athens stock market, within the first two years of being set up.