REICs’ logistical dream at Aspropyrgos
Real estate investment companies (REICs) are currently developing over 90,000 square meters of logistics facilities at Aspropyrgos, west of Athens, investing funds totaling 40-50 million euros.
This is the result of investments almost all companies in the sector started making from 2019 – and even more from 2020 when it became clear that this property category would not only avoid any problems from the pandemic but actually benefit from it.
Consumers’ swing to e-commerce gave a major boost to logistics, a sector that continues to offer higher returns than office buildings and other commercial property, coming to 7.5-8.5%. The companies that rushed to position themselves at the start of the current upward cycle secured lower purchase prices that have brought annual returns in excess of 10%.
In that context, companies such as BriQ Properties, Prodea Investments, Trastor and recently Noval (of the Viohalco group) have been particularly active.
BriQ is about to finish a new facility of 20,276 sq.m. that will be leased out to Info Quest Technologies from February. The listed REIC has acquired a plot of more than 10,000 sq.m. at Aspropyrgos, where it will develop additional facilities of 20,000 sq.m., for a total of more than 40,000 sq.m.
Trastor is also expanding its investment program in logistics: In the coming months it will add another 29,000 sq.m. through two new investments adding up to over 15 million euros. The most important of the two is at Aspropyrgos: It covers 22,000 sq.m. and will come by way of the takeover of Pileas Estates, owner of 40,000 sq.m. at Aspropyrgos.
Prodea Investments is focusing on two new assets at Aspropyrgos. They will have a combined surface area of 23,800 sq.m. and account for an investment of €12.5 million.
Within next year Noval is planning to start implementing an investment of €10 million for the transformation of former industrial facilities into logistics. These assets, which belong to Noval, have a total surface area of 22,200 sq.m.
Premia Properties has joined in, with nine logistics complexes totaling 173,000 sq.m. and with an estimated value of €108 million. It is about to confirm another logistics asset acquisition over the next few days.
