Greece’s third largest REIT, Trastor, has announced plans to raise up to €72.6 mln to fund new acquisitions.
Trastor, which is majority-owned by Minneapolis-based Värde Partners, will hold an extraordinary general meeting on October 29 to vote on the share capital increase, as well as on the issue of a convertible bond loan of €41 mln.
The share issue already has the backing of company's main owners, Värde which holds 56.6% and Piraeus Bank with a 39.4% stake.
Francisco Milone, partner and head of European Real Estate at Värde Partners, said: 'Trastor has established a significant presence in the Greek market with strong origination, execution and asset management expertise. This additional capital will be used to fund the Company’s growth strategy, targeting high quality commercial real estate assets at compelling yields.'
George Kormas, executive general manager and executive committee member of Piraeus Bank, and CEO of Piraeus Real Estate added: 'Our confidence in Trastor and its management is further validated through this fund raise which will allow the Company to accomplish its growth strategy. The domestic real estate sector presents unique prospects for the Company to broaden its role in the Greek market.'
Trastor has been growing strongly in the recent past, lifting its portfolio value by nearly 50% from €113 mln at year-end 2018 to €163 mln at end-June 2019. In the first half of 2019 it swung to a net profit of €2.5 mln, from a slight loss reported in the same period a year before.