Trade Estates AEEAP acquires the largest Commercial Park in Greece

Trade Estates AEEAP, a company of the Fourlis Group, signed the contract for the purchase of shares of the company KTIMATODOMI SA, owner and manager of the largest commercial park in Greece, under the name FLORIDA 1.

According to a relevant announcement, 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 (LeroyMerlin, AB VASILOPOULOS , JUMBO, Kotsovolos, Moustakas, Jysk and others).

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 also confirming the choice of TRADE ESTATES AEEAP 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 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 Airport. “Macedonia”.

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 synergies that arise and plans through the active management of 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 AEEAP started its activity with assets of € 183 million 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 the 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.

TRADE ESTATES AEEAP, 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 said: “We are excited and proud because a few months after the establishment of TRADEESTATES AEEAP we announce the acquisition of one of the strongest and most durable commercial real estate in Greece. 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 AEEP aims to list its shares for trading on the Athens Stock Exchange within 2022.