BUSINESS

Stores attract investment firms’ attention

NIKOS ROUSSANOGLOU

TAGS: Property

Real estate investment companies (REICs) have invested 19 million euros in acquiring retail spaces in the first quarter of the year. This accounts for about 30 percent of their total investment of 54.3 million euros in the same period.

In the fourth quarter of last year, the sector’s companies parted with 38 million euros for the purchase of retail spaces, which amounted to 35 percent of their spending in that period. Consequently, in the six months from October to end-March, they invested a sum of 57 million euros.

This is a clear indication of the prospects of this particular section of the market, especially in the most popular commercial areas where options are increasingly limited. For instance, both NBG Pangaea and Trastor invested in Ermou Street, central Athens, in the year’s first quarter, spending 5.7 million and 2.56 million euros respectively.

Grivalia spent 5 million euros on the acquisition of a store on Grigoriou Lambraki Street in Glyfada, southern Athens, while Trastor picked up a 700-square meter property in Hania on Crete for 1.3 million euros.

Property service company Proprius argues that the prospects for commercial property will remain positive this year too, with an increase in new leasings.

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