Trastor is preparing an investment plan worth approximately €568 million as it moves forward with a share capital increase in the coming days.
In an announcement yesterday, the real estate investment company (REIC) stated that it will issue and offer new common shares with voting rights, with the preemptive rights of its existing shareholders either restricted or waived.
Its Board of Directors is expected to approve and set the terms of the capital increase and the offering of the new shares in the coming days. The move aims not only to raise capital in the range of €150 million but also to put the company on investors’ radar by increasing its share float to 15%.
Meanwhile, Piraeus Bank, which holds a 98.6% stake in Trastor, is expected to participate in the Combined Offering with an investment of at least €50 million and remain a major shareholder of AEEAP.
The investments
The company’s next steps will certainly be of interest, and we will learn more details at AEEAP’s press conference scheduled for next week.
Trastor has outlined an investment plan totaling approximately €568 million, which includes, among other things, priority acquisitions totaling €55.5 million in the immediate term, as well as investments in upgrades and improvements to three high-end office properties in Athens.
“The net proceeds from the share capital increase, which are expected to be fully deployed within approximately 12 months, will be supplemented by additional funds through debt financing, with the aim of accelerating the portfolio’s growth. “The company aims for attractive acquisition multiples, with a yield on cost of 6.5–7.0% and an annual rent increase of 3.5–4.0%, supporting continuous value creation,” the announcement states.
It appears that AEEAP has already set its sights on new deals. It is currently reportedly in negotiations with Ethniki Insurance to acquire three properties (office buildings) located in central Athens, in a total investment that will exceed €50 million.
The first property is the building that formerly housed Ethniki Insurance’s offices on Karagiorgi Servias Street. The second is located on Apellou Street, in the area of Kotzia Square, where the Hellenic Post Office was formerly housed, while the third property is located on Athinas Street and currently houses the offices of EYDAP.