How to make money on real estate 101: Trastor books 600K profit in office deal
Real estate investment company (REIC) Trastor has sold office space in Athens for 1.6 million euros, booking a profit of more than 600,00 euros from the sale.
The company said in a statement that the office floor located at 109-111, Mesogeion Ave. in Athens, covering a surface area of 781,67 sq.m, was purchased for 965,000 euros in September 2018.
Greece's economy was starting to turn in 2018, when Trastor initially bought the asset.
After losing about about a quarter of its size due to the debt crisis, GDP expanded at a pace of 1.6 percent in 2018 amidst improving sentiment as the country exited its bailout programs.
Fast forward to now and the economy's post-pandemic bounce is forecast to result in growth of around 7 percent mark in 2021.
“This sale is aligned with the investment goals of the company, to provide significant capital gains for its shareholders in the medium term and demonstrates the prospects of the office sector as an investment target in the Greek real estate market,” the company said in a statement.
At the end of last year, the company owned 65 real estate assets with a gross asset value of 302 million euros.