Trastor takes profit on Athens offices, sells for 3.3 mln euros

Real estate investment company Trastor has completed the sale of office space in Halandri, northern Athens, for 3.3 million euros, cashing in on gains from a property purchased in 2018.

The company announced the sale of office floor space covering 1,673 sq.m, including underground areas, located at 270 Kifissias Ave. in Chalandri. The space is part of a standalone office building that was acquired in November 2018.

Trastor, majority owned by Varde Partners, is emerging from the pandemic as one of Greece's more aggressive REICs, pushing ahead with investment plans despite the adverse economic conditions.

REIC Briq Properties has also announced some deals in the last few weeks, targetting property in logistics.

Last month, Trastor signed up an 84.3 million euro bond loan with Piraeus Bank. The funds will be used to refinance 64.3 million euros of existing debt, with the balance going towards its investment strategy.

In another recent announcement, Trastor purchased the 2nd floor of a listed building located at Filellinon & Othonos Str., at Syntagma Square, in the heart of Athens. Specifically, the acquisition concerns total surface area of 161.11 sq.m for 625,000 euros.

Activity in Greece's commercial real estate assets ground to a halt for most of 2020 due to the pandemic. A lack of prime assets available in the market is weighing on the sector after the country's ten year economic crisis put the freeze on just about all construction activity.

Demand for property in logistics has picked up in recent months as more shoppers turn to online purchases, boosting the need for storage and distribution operations.

Market officials report a small uptick in investor interest in hotels amidst hopes that vaccines will soon allow for a strong rebound in tourism, but add that more clarity on the course of the pandemic is needed before any deals in hospitality assets are completed.