Prodea real estate investment company (REIC), Greece's largest, aggresively sold 19 properties last year amidst changes to its portfolio that target more investments in logistics and green offices.
Prodea, which owns real estate in Greece, Italy and Romania, said that it booked gains of 4.7 million euros from asset disposals last year. This figure represents a steep drop from 2019, when the company sold just 4 commercial properties and took gains of 19.1 million euros.
Prodea has adopted a more cautious approach amidst the pandemic when compared with its peers in Greece. Other REICs, such as Trastor and Briq, boosted their investments in 2020, positiong themselves for an expected bounce in the market in the second half of the year.
Based on end of 2020 figures, the value of Prodea's portfolio stood at 1.36 billion euros. The figure stood at close to two billion euros about two years ago.
Looking ahead, the company highlighted that it will continue "amending" its portfolio with an emphasis on sustainable assets driven by ESG criteria. This process though will take time as the number of prime assets in the Greek market meeting green standards are low and now in a development phase.
"Properties with these specifications are not readily available in the market so Prodea either develops the properties itself or cooperates with developers through participation in joint ventures or by the signing of preliminary agreements for the acquisition of properties after the completion of their construction," the company said in a statement.
"As a result, the maturity of these investments is expected within the next two years," it added.
For 2020, the company said that its profit from continuing operations dipped to 67.2 million euros from 74.4 million euros in the previous year.