Prodea Investments eyes 3 bln euro property portfolio

Prodea Investments eyes 3 bln euros of properties

Real estate investment company (REIC) Prodea sees its property portfolio as heading towards the three billion euro mark after growing at a face pace in the first nine months of the year amidst rising profits.

Properties held by Prodea, Greece's largest REIC, rose to 2.1 billion euros as of September, up from 1.7 billion euros as of the end of last year. With an identified pipeline of 800 million euros of deals, the company is heading towards real estate holdings worth 2.9 billion euros.

Prodea's portfolio currently consists of 373 commercial properties with a total leasable area of 1.3 million square meters. Three hundred and twenty-nine of the properties are located in Greece, mainly in prime areas, with 26 properties located in Cyprus. The rest are in Italy, Bulgaria, and Romania.

Among the company's recent deals is the recent acquisition of an office building at 44 Sygrou Avenue, central Athens, for 5.9 million euros and the purchase of a commercial warehouse in Aspropirgos, west of Athens, for 2.8 million euros.

Prodea has also put up for sale four of its office Athens buildings, looking to book gains on the back of the upturn in Greece's property market. The deal, which is currently being negotiated, is expected to be worth some 75 million euros and is said to have drawn strong interest from Greek and foreign investors.

Majority owned by Invel Real Estate, Prodea was previously the real estate arm of National Bank of Greece.

The increased investment activity has helped drive company profits higher. For the first nine months of the year, net profit jumped 44 percent to 131.1 million euros, up from 90.9 million euros in the same period a year earlier.


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