Trastor sells off more real estate assets

Real estate investment company (REIC) Trastor has continued its selling spree this year, cashing in on deals, after bumping up investments at the peak of the pandemic.

Its latest deal involves the sale of gas station in the city of Patras for 641,000 euros. In a statement, the company described it as being a “non strategic asset.”

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Trastor, majority owned by Varde Partners, sold last month another three gas stations across the country for nearly 2 million euros, after having disposed of 1,673 sq. meters of office space in Halandri, northern Athens, for 3.3 million euros.

The number of deals done by Greek real estate investment companies have picked up in recent months, with most business activity focusing in logistics and offices. Demand for prime office property is seen as remaining solid in Athens, despite growth in remote working, due to a lack of good quality work space meeting environmental and sustainability standards demanded by larger international companies.

In 2020, Trastor completed 7 new acquisitions in commercial assets and incorporated in its portfolio four assets from the merger of subsidiaries. Also, in 2020 it invested 9.5 million euros in a company that owns a 15 million euros logistics center.

As of the end of 2020, Trastor had an investment portfolio of 65 assets, amounting to 301.6 million euros. Just over a year ago, it owned 58 assets, with an estimated value of 200 million euros.