Trastor Property Investments Forecasts 18.3 Million Euro Profit

Trastor Property Investments is set to see a significant boost in its first-half profits, projecting earnings of 18.3 million euros. This positive outlook stems from substantial investment moves made in recent weeks, including the revaluation of investment properties.

The company has also divested some of its older assets, selling two office buildings for 17.6 million euros, which generated a net profit of 2.3 million euros. A key strategic acquisition involved three office buildings in central Athens from the Ethniki Asfalistiki group for 38.6 million euros. The largest of these, at 6,469 square meters on Kar. Servias Street, was purchased for 26 million euros.

Trastor plans to modernize the acquired buildings on Karagiorgi Servias Street and Kotzia Square over the next 18 months. This renovation aims to enhance their technical and operational features, thereby increasing their market appeal and value. This aligns with Trastor's strategy to develop a portfolio of high-quality properties in prime urban locations, particularly in Athens, where demand for modern commercial spaces outstrips supply.

The total investment, including reconstruction costs, is estimated at 55 million euros, which is expected to unlock significant capital gains. Trastor's portfolio at the end of the first half comprised 66 properties valued at 867 million euros. Following a successful 150 million euro capital increase, which reduced Piraeus Bank's stake from 98.5% to 84%, Trastor plans a broader investment program of 300 million euros by the end of 2028, utilizing both equity and an anticipated 150 million euro bank loan.