Prodea Investments, a leading real estate investment company in Greece, has announced a significant investment program aimed at developing 17 new properties by the end of 2027. The program, valued at €518 million, will focus on three key areas: "green" office buildings, logistics facilities, and hospitality properties. These new developments are expected to add 257,000 square meters of space to Prodea's portfolio and generate an estimated €26.2 million in annualized rental income.
The investment program will see €237.8 million allocated to new office buildings, €97 million for hotel/tourist properties, €82.7 million for logistics facilities, and €68 million for the development of houses for sale. Two of the largest projects currently underway include a 15,000 sq.m. office complex in Maroussi, Athens, and a 100,000 sq.m. logistics complex in Aspropyrgos, both valued at €60 million each.
In addition to the development program, Prodea is actively pursuing a strategy of selling mature or non-strategic properties. Since 2019, the company has generated €500 million in revenue from such sales, with €90 million used to finance the investment program and repay existing debt. According to Prodea's president, Chr. Papachristoforou, these sales are crucial in validating the company's portfolio valuations and building trust with foreign investors.
The company is also expanding its presence in the hospitality sector by gradually acquiring the remaining 20% stake in Mediterranean Hospitality Venture (MHV), bringing its total ownership to 100%. Additionally, Prodea is currently selling apartments in Cyprus and Greece, mainly within tourist complexes, with a total value of €340 million.
Prodea's ambitious investment program and strategic divestments demonstrate the company's commitment to growth and its confidence in the Greek real estate market. The focus on sustainable and high-demand sectors like green offices, logistics, and hospitality aligns with current market trends and positions Prodea for continued success in the coming years.
