New deals in logistics, offices worth 74 mln euros point to rebound

Four leading Greek real estate investment companies have announced several new deals in the last few days worth 74 million euros indicating that the commercial property market in the country is rebounding.

After freezing for several months earlier this year due to the pandemic and the lockdown period, commercial property is picking up despite the broader economy struggling under the weight of Covid-19.

Difficult times continue for residential property in Greece as demand for homes remains low due to a poor labor market and weak economic sentiment despite buying interest from foreign buyers in pockets of the sector.

The latest round of deals in commercial assets were completed by Prodea Investments, Pasal Development, Briq Properties and Trastor and focused mainly on logistics facilities in the Aspropirgos area, west of Athens, along with the purchase of two office buildings in the Greek capital.

The deals are:

-Prodea Investments acquired two office buildings for 16.9 million euros. Prodea has acquired an office complex of a total surface of 7,137.32 sqm, located at 72 Ethnikis Antistaseos Str, in Chalandri, in northern Athens, and a mixed-use building, consisting of offices and retail units, of a total surface of 1,892.12 sqm, located at

44-46 Amphiaraou Str, near the centre of Athens.

-Trastor REIC acquired a company called Dorida Ktimatiki S.A, which owns a logistics centre with a total surface area of 25,095 sq.m. located on a land plot of 62,761 sq.m. in the area of “Roupaki” or “Melissia” in Aspropirgos, Attikis. The property is fully let. Trastor said that it paid 9.5 million euros for the company which has assets of 15.4 million euros.

-BriQ Properties will build a modern warehouse and distribution center on land it owns in Aspropirgos at a cost of 9.6 million euros. The facilities, covering a total of 20,764 sqm, are expected to be ready by the fall of next year.

-Pasal has agreed to purchas 3 real estate logistics and warehouses located in Aspropirgos for some 38 million euros. The properties are fully leased to various tenants and cover a total area of 62,500 sqm. The deal will be completed by the end of 2020 and will be financed through bank lending and an increase in share capital. The logistics industry is a strategic choice for Pasal as it intends to continue investing in this sector, the company added.