The next moves of Piraeus after the acquisition of Trastor

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Trastor AEEAP returns to Piraeus Bank, with Varde Partners (WRED) selling its 52% stake in the Real Estate Investment Company.

The acquisition of Trastor is considered, according to Piraeus Bank executives, a good move as it estimates that the prospects of the real estate market are positive, thus aiming to further strengthen its presence in the industry.

The acquisition of the stake of Varde Partners in Trastor by Piraeus, will bring the bank to control 97% of the total shares, activating the regulation of the capital market on public offers.

It should be noted that the Hellenic Capital Market Commission yesterday put the share out of trading until it is announced whether there will be an agreement and the terms under which the transaction will take place.

Trastor was in 2005 the first AEEAP to cross the threshold of the Athens Stock Exchange, then called Piraeus AEEAP, while in 2016 Varde Parthners acquired 33.8% of the company and a year later, after a capital increase of 20.2 million, further increased its share.

Today, Trastor manages a portfolio of 59 properties, with an investment value of 315.6 million euros. The portfolio it owns consists of 28 office buildings, 16 stores, 1 shopping center, 5 logistics centers, 1 car park, 3 gas stations and 5 plots. The portfolio has a total gross lettable area of ​​approximately 238.1 thousand sq.m.

The company owns large office buildings such as the former DOL building in Michalakopoulou and the Piraeus Leasing building also in Michalakopoulou. Also, a few days ago it bid for the acquisition of a plot of 1,023.14 sq.m. on which an office building has been erected, with a total area of ​​2,165.86 sq.m., which is located in Paradisos, Maroussi, Attica, on the Maroussi – Halandriou road. The amount of the auction for the acquisition of the property amounted to 2.35 million euros.

In the field of logistics, Trastor has already built a significant portfolio of real estate warehouses, over 52,000 sq.m., mainly in the area of ​​Aspropyrgos, while planning two new investments, estimated at over 15 million euros.

The most important of these concerns the acquisition of a logistics facility, with an area of ​​22,000 sq.m., through the acquisition of 100% of the shares of the company “Pileas Ktimatiki”, which owns a plot of 40 acres in Aspropyrgos and an area of ​​16 acres in the location “Beehives”.

It is recalled that at the beginning of the summer, Trastor acquired another warehouse, with an area of ​​5,262 sq.m. on a plot of 11.3 acres in the same area.

The company’s revenues in the last five years run at an average annual rate of 36.7% and adjusted EBITDA with 31.6%.

The internal book value (NAV) has recorded an average annual increase of 27.9% and from 59.5 million euros at the end of 2016 reached 166.6 million euros in June 2021.

Finally, it should be noted that regarding Varde Partners and its presence in the Greek market, it seems that the sale of 31.7% that it holds in Lamda Malls (Golden Hall, Mediterranean Cosmos) of Lamda Development is underway.

The Varde fund bought the percentage of Lamda Malls, in April 2017, for 61.3 million euros, while this percentage is expected to be acquired by Lamda Development, which will be found to own 100% of Lamda Malls.

Lamda Development executives, however, declined to comment on the news.

Source From: Capital

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