Premia is among the fastest-growing REICs in Greece, having increased its total investments by 7x since 2020, to €755 million in the first half of 2026, with GAV of €705 million across 78 properties, according to an analysis by Eurobank Equities which was conducted with sponsorship from the listed company.
The portfolio is diversified across hospitality (37% of GAV), logistics (19%), offices (13%), student housing (13%) and social infrastructure (9%). Its income-generating properties produce annualized rents of approximately €39 million, with 99.7% occupancy and a gross yield of 7.1%.
Inflation-linked leases support organic rental growth, while triple-net contracts limit Premia's exposure to costs in its existing hotel assets.
Premia's next growth phase combines significant scale expansion with a broader profitability model. We estimate Premia's investment program, which began in 2025, at approximately €533 million, of which about €330 million remains to be invested, mainly in hospitality and student housing.
Hotelinvest is at the center of the strategic shift, complementing long-term lease income with direct exposure to hotel operating profits. Its first major investment is the partnership with AKTI, which includes three resorts and 1,316 rooms, and we estimate that it will be consolidated from 2027, following its completion by the end of 2026.
At the same time, the student housing pipeline of approximately €36 million is expected to add around 370 rooms by September 2026, while an additional €38 million will support the expansion toward management's target of approximately 2,000 rooms.
As a result, we forecast GAV of €1.05 billion in 2026, rising to €1.20 billion by 2030, while adjusted EBITDA also increases from €30.5 million this year to €61.4 million. We expect Hotelinvest to account for approximately 1/3 of EBITDA in 2030.
Premia's share is down about 11% this year and is trading at a discount of approximately 47% to 2026 NAV, reflecting concerns regarding leverage and the execution of Hotelinvest.
Applying a 20–30% discount to 2026 NAV leads to a fair value range of €1.73–1.98 per share, with our central assumption of a 25% discount supporting a value of €1.86 per share and upside potential of more than 40%.