Trade Estates will proceed with the distribution of 90% of the company’s net annual profits, instead of the 50% that Real Estate Investment Companies are required to distribute as a diend.
This will take place in two time periods (June and December), the chairman of its board of directors, Vassilis Fourlis, said in a press conference.
Trade Estates is in the final stages of an initial public offer and the listing of its shares on the Athens Stock Exchange, due to start next week.
The public offer for 28,169,015 new shares to be issued because of a share capital increase scheme will begin on Wednesday, 1 November 2023 and will last until Friday, 3 November 2023. The net proceeds of the share capital increase will be used to repay part of the price for the acquisition of Smart Park.
Trade Estates currently has a portfolio of nine retail parks, one under development in Patras, and three logistics centers, with a gross asset value of 330 million euros, while its net asset value is 225 million euros.
