ECONOMY

REICs to draw funds from stock market

reics-to-draw-funds-from-stock-market

This may well prove to be the year of real estate investment companies (REICs) on the Greek stock market. The sector is expected to grab the attention of the investing public at several points in 2021, as, according to companies’ plans, at least two REICs are set to be listed.

Trade Estates of the Fourlis Group and Viohalco’s Noval are planning to list on the Athens Exchange, as they are also obliged to based on legislation. Both REICs control particularly important property portfolios and are expected to address investors with the aim of raising funds for their future development.

Noval is the second biggest company in the sector in portfolio value terms, as it controls assets worth 350 million euros following the buyout of the rest of the shares belonging to the River West shopping center’s owner, in which Noval had a 54% stake until a couple of months ago.

Trade Estates specializes in commercial stores, boasting a portfolio worth €190 million. This includes the IKEA network in Greece, two logistics facilities and another commercial property at Rentis in Athens. It recently added to its assets 50% of two properties, located in Iraklio and Patra, to host new IKEA branches.