Fourlis: Trade Estates real estate firm acquires the largest commercial park in Greece

The Areal estate development firm of the Fourlis group closes 2021 in very dynamic fashion. According to relevant information, Trade Estates proceeded to the signing of the share purchase agreement of the company KTIMATODOMI SA, owner and manager of the largest commercial park in Greece, under the name FLORIDA 1.

The Commercial Park is located in Thessaloniki and covers an area of ​​132,000 sq.m., with commercial areas of 31,407 sq.m., leased 100% to twelve of the largest retail companies in Greece (Leroy Merlin, AB VASILOPOULOS, JUMBO, Kotsovolos, Mustache, Jysk and others).

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FLORIDA 1 Commercial Park has achieved impressive recovery performance in the evolution of the pandemic, highlighting its unique commercial characteristics as well as its resilience, while at the same time confirming the choice of Trade Estates strategy to focus on this category of commercial real estate. The company, after the specific acquisition, is expected to increase its revenues by 4.5 million euros per year.

The Commercial Park is geographically located in the rapidly developing area of ​​Thermi, with easy road access near the eastern end of the Thessaloniki ring road, while it should be taken into account that at this location there will be a Metro line of Line 2 that connects the city center with the “Macedonia” Airport.

The FLORIDA 1 Commercial Park together with the neighboring IKEA Store, a property owned by Trade Estates AEEAP, create a commercial hub of 50,000 sq.m., in which the Company intends to utilize the resulting synergies and plans through the active management of its assets. and value-added renovations, further optimizing the performance of that portfolio. Also, through the global retail networking available to its management, the Company intends to introduce new commercial concepts in the Greek market.

This investment is part of the Company’s strategy to specialize and focus on the development of new generation Commercial Parks and Logistics Centers as these two categories are an integral part of the Omnichannel approach that is evolving in world trade. Commercial parks are today the strongest trend in new retail developments worldwide, as consumers with less time available and in the post-Covid era will constantly seek easy, safe and direct access to markets and services.

Trade Estates started its activity with assets of 183 million euros and is one of the largest real estate investment companies in Greece. It is the only one with specialized targeting which offers significant advantages in the relations with the employees and in operating costs. Specialization is also the number one selection factor for international institutions investing in regional real estate investment companies. The acquisition of Florida 1 is the first of a series of planned investments in developments and acquisitions that will exceed 200 million euros.

Trade Estates, adapting to the new reality of the global economy, will proceed with the implementation of energy saving initiatives and upgrading of all its properties based on the new principles of sustainability and circular economy standards imposed by the ESG principles.

The President and CEO of the company Mr. Vassilis Fourlis stated: “We are excited and proud because a few months after the establishment of Trade Estates we announce the acquisition of one of the strongest and most durable commercial real estate in Greece. This transaction is another part of the dynamic strategic plan of our company for the creation of a portfolio of unique commercial real estate through acquisitions and developments throughout the country and in the wider geographical area “.

This investment will be completed with the signing of the final transfer agreement of the shares of “KTIMATODOMI SA”, after the fulfillment of specific conditions provided in the Share Purchase Agreement.

The total purchase price of the shares will be equal to the value of the net worth (NAV) of the company to be acquired, as it will be determined at the completion of the transaction in accordance with the specific terms of the Agreement.

Trade Estates aims to list its shares for trading on the Athens Stock Exchange within 2022