It starts today, Wednesday, November 1 and ends on Friday, November 3 public registration for the introduction to Athens Stock Exchange of all the shares of Trade Estates, the AEEAP of the group Fourlis.
The price range of the share offering was set from 1.92 euros (lowest price) to 2.13 euros per share (highest) and based on the highest price, the total proceeds of the Issue, assuming full coverage, will amount to 62,000,003.79 euros.
In any case, Offer price will be determined within the aforementioned price range and will be announced on Friday 03.11.2023.
With 9 commercial parks, 1 park under development in Patras and 3 logistics centers, the company is expanding dynamically, while it has announced an investment plan of 292 million euros for the next four years. All of the net proceeds from the capital increase will be allocated to the repayment of part of the price for the acquisition of the Smart Park in Spata Attica, which is expected to be completed by the fourth quarter of 14.5%, based on the Net Asset Value The main characteristics of Trade Estates of AEEAP of the Fourlis group is (Net Asset Value – NAV), with the calculation of the acquisition of Smart Park which shapes the discount at 21% high spread at 26.5%, dividend distribution 80% to 90% of profits and strong shareholder composition.
The existing shareholders her AEEAP for the purpose of facilitating stabilization actions on the Company’s Shares, they have agreed with the Coordinators Main Underwriters an additional Share allocation clause (“Overallotment Facility”) and have granted them a Greenshoe Option up to 2,816,901 existing Company Issued Shares (the “Additional Shares”), so that the latter can make them available to final investors to cover any increased demand during the Public Offering. Therefore, through the Public Offer, up to 28,169,015 New Shares are offered, and up to 2,816,901 Additional Shares (Overallotment), which may be allocated in the event of the Issue being oversubscribed.
Upon completion of the public registration, the dispersion will be 26.5%, with the Fourlis group controlling 63.78% (remaining Autohellas shares 9.73%, Latsco 3.12%), while there is also the relevant lock up period 6 months.
Coordinators Main Underwriters of the public offer are ETHNIKI TRAPEZA TIS HELLADOS S.A., PIRAEUS BANK JSC, ALPHA BANK JSC and EUROBANK SA, Main Underwriters of the public offer are OPTIMA BANK S.A., AXIA VENTURES GROUP Ltd and EUROXX SECURITY INVESTMENT and Underwriters BETA SECURITY INVESTMENT and PANTELAKIS INVESTMENT SERVICES COMPANY. Issuing Advisor is the NATIONAL BANK OF GREECE SA.
AEEAP has a portfolio of 330 million euros which together with Smart Park (total value 127 million, bought for 110 million, so there is an additional addition of 17 million euros to the net position that will be seen on 31/12/2023) amounts to to more than 455 million euros. Trade Estates is also promoting developments – investments of 180 – 200 million euros (without possible new acquisitions that may arise), with the aim of having a portfolio of almost 650 – 700 million euros (fair portfolio value) by 2027 – 2028. Leverage on the portfolio stands at 40% (VLT) with the group having the ability to increase it to 50% – 55%.
The designs henceforth they want the development of four new projects, three of which are retail parks. The shopping park in Patras is a 27 million project, part of the Recovery Fund, and will host the city’s IKEA and up to seven retailers and will open its doors by the beginning of 2025, at the same time as the retail park in Crete, an investment of 21 million .
The more importantly from projects that he is launching is the investment of 70 million euros for the Hellinikon retail park, which will house up to nine additional stores and will open its doors in mid-2027. Also, in the long-term plan is the development of smaller shopping parks in cities of 20,000 -25,000 inhabitants, a strategy that the company will follow towards the end of the decade, foreseeing significant growth prospects in at least 20 cities of our country.
Commercial parks are also the main focus of Trade Estates, with logistics areas contributing up to 25% of its revenue. It is noted that Trade Estates has three logistics centers, in Oinophyta, Schimatari and Elefsina, with the first two serving the supply and electronic sales of IKEA and Intersport stores in Greece and abroad, and the third covering the needs of around 100 stores of the Kotsovolos chain.
Equally important is the fact that the average lease term in Trade Estates’ commercial parks stands at 12.2 years, while the Net Loan To Value ratio stands at 36.1%, at a time when a healthy performance in the AEEAP sector is hovering around to 50%.