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Institutional investors in Greece target logistics, offices

As the year edges to a close there has been a flurry of investment activity in Greece’s commercial property assets. Real estate investment companies have completed several key deals in logistics, offices and retail space in a bid to boost their portfolios and take advantage of opportunities in the market.


We have listed below a wrap on the latest deals from some of the largest investors in the country.


Logistics still hot

Logistics continues to draw strong buyer interest though the projects involved are smaller than those seen in other European countries.


Solid Greek economic growth in 2022 and a recovery in tourism have boosted consumption levels, increasing the need for supply chain facilities.



TIP: Demand for last-mile facilities remains high, boosting further take-up in the next quarters.

Investment activity is centered in the Aspropirgos areas, west of Athens, where space is plentiful and the distance from the Greek capital and the port of Piraeus is short. In a report Cushman Wakefield Proprius said that occupier demand for logistics continues to be particularly strong as e-commerce activity triggers increased rates of absorption of quality space, especially in Athens and Thessaloniki.



“Occupiers’ focus on sustainability and searching for facilities adopting energy-saving systems and solar panels have been the norm for new logistics developments,” the report said.


Trastor tracks Aspropirgos

Trastor real estate investment company (REIC) acquired three land plots in the Melissa area, Aspropirgos, covering 21,046 sq.m. that is next to more of the company’s logistics facilities for 2.1 million euros. Trastor CEO Tasos Kazinos said that the purchase is part of the company’s plan to create one of Greece’s largest and most modern cold and dry storage units.


Greek economic indicators showing GDP, inflation, building activity and PMI Markit


Church of Greece development near port

Church of Greece and the Hellenic Republic Asset Development Fund will jointly develop 3,000 stremmata of land ( 741 acres) at a strategic location bordering the Piraeus port and Skaramagka area, for logistics among other uses. Τhe agreement marks the creation of one of the largest logistics centre in Southeast Europe for the relocation of the national transportation companies from Elaiona area.


Premia invests in Kryoneri

Premia Properties has completed an investment in Kryoneri, north of Athens, which is the city’s second logistics hub. The company bought an industrial property with a total surface of 5,236 sqm (land plot of 6,480 sqm) for 2.1 million euros. The property has been leased until 2030 to Matsoukis Graphic Arts SA.


 

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Noval spots offices in Marousi

Noval Property is putting the money it raised from its green bond to use and purchased two plots of land in Marousi, northern Athens, for 2.42 million euros. Noval said that it will unite the two plots to build a green office complex, offering LEED certification and bioclimatic design.



More office space for Noval

More funds from Noval’s green bond have gone to a 10.9 million euro agreement to purchase an office building in Marousi. The building covers 6,636 square meters and will be turned into a smart office building as part of the company’s ESG agenda.Apart from Greece, Noval owns real estate in Bulgaria.


"Athens office market is still at a growing stage, trying to find its pace and its prime products. Yields and rental values have performed even better than 2021," says Danos BNP Paribas Real Estate.

Athens Heart wins over Premia

Premia Properties purchased the Athens Heart shopping center on Piraeus Avenue for 15.7 million euros. Premia has some big plans for this indoor shopping mall which it intends to repurpose and introduce energy efficient office space. The total surface area is 54,000 sq.m. with total leasable area of 18,500 sq.m. on a land plot of 10,600 sq.m.


Briq buys land in 30 mln logistics project

BriQ Properties bought two plots of land with a total area of 11.060 sq.m. in Aspropyrgos, which are adjacent to the Logistics Park the company is developing in the area. With this latest deal, the company has acquired a total of 114 thousand sq.m. for the Logistics Park project that will include two logistic buildings. The total investment in the project is expected to reach 30 million euros.

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