Aiming at 1.2-billion-euro portfolio; 150-million-euro share capital increase

Trastor REIC is proceeding with a 150-million-euro share capital increase, aiming to build a portfolio with a total gross asset value (GAV) of 1.2 billion euros.

According to company executives, the public offering will take place from Monday, May 11, to Wednesday, May 13. The price range for the new shares and the related prospectus will be announced on Friday, after the close of trading on the Athens Stock Exchange.

Trastor’s principal shareholder, Piraeus Bank, currently holding 98.58% of the company, will participate in the capital increase with approximately 50 million euros. A key prerequisite for the completion of the transaction is the increase of the company’s free float to at least 15%. As highlighted, the share capital increase will not proceed unless this target is achieved.

The further expansion of Trastor’s portfolio is supported by an investment pipeline under evaluation worth 568 million euros, comprising 24 properties. Of this amount, 82% relates to direct transactions, while 61% concerns mature institutional investments. Part of the pipeline also includes assets with redevelopment potential and opportunities for value creation. The average transaction size stands at 24 million.

The company’s strategy focuses on building a larger commercial real estate platform, centered on high-specification office properties and green logistics facilities. A key objective is the entry of foreign investors into the company, and for this reason company executives, led by Chief Executive Officer Tasos Kazinos, have held relevant discussions in London.

As Kazinos implied, the current share capital increase represents only the beginning, with further efforts planned to attract larger foreign institutional investors with a long-term investment horizon.

The funds to be raised through the capital increase, together with an equivalent amount of additional bank leverage of approximately 150 million euros, are expected to be invested within the next 12 months. Trastor currently owns a portfolio of 65 properties with a total leasable area of 492,000 square meters and a total gross portfolio value of 822.6 million.

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