Hellenic Properties: Investment of 70 million in real estate in 2024 – Mononews.gr

The capital of 25 million will be used in 2024 Greek features founded by Errikos Arones, as a result of which investments in real estate next year will reach 70 million including leverage.

As early as next year, the development company will have a portfolio of projects in progress with a total area of ​​22,000 square meters and a gross value of 90 million euros, as its boss stated at the briefing. Greek features.

The construction of a three-star hotel with a capacity of 33 rooms was recently completed in the center of Piraeus, at the intersection of Iroon Polytechniou and Karaoli & Dimitriou streets. It will soon be announced that it will be leased by a Greek hotel company that has representation in the area, and is expected to be operational in the spring of 2024. In 2024, the company will complete the first tourism project that it intends to use as an owner, which concerns a villa in Antiparos.

Three star hotel in Piraeus

Important work he delivered Greek features and first quarter of 2025 Yippee and residential project of Mrwhirlwind Kifissia, on the site of the royal summer residence of Aspasia Manou, descendant of aristocrats, wife of King Alexander, second-born son of Constantine I. It is an investment of 11 million, which includes seven apartments and villas designed by Dimitris Agiostratitis and 14Architects. The investment company has already shown interest in acquiring the entire property.

At the same time, the company began to study the use building with an area of ​​10,000 m2. on Syngrou Avenue, adjacent to her offices Generals and his Grand Hyatt, after securing a building permit. The investment, with a total budget of 28 million euros, will have a mixed use, as apartments and shops will be built here. Today Greek features it is located in phase of commissioning architectural studieswhile the purchase of neighboring properties in the area will take place.

Construction of two office buildings with an area of ​​2,500 m2 is also planned. and 5,500 m2. in Marousi, on Karamanli Street. We remind you that Hellenic Properties has already developed and converted Everty office buildings (a subsidiary of Israel’s YNV) in the same area. Three pre-purchase agreements are also being concluded existing office buildings.

A strategic partnership with an investor is coming

According to Mr. Arones, the focus on Greek features are synergistic with large family offices with assets over 100 million and small funds that manage portfolios of less than 1 billion. The company’s strategy is to maintain an equal participation of up to 25% in each project with a leverage of up to 60%. The $70 million investment is expected to be completed by mid-2025, with “our intention to open the investor circle and increase the size of the company at the end of 2024,” he said. In this context, a strategic partnership with one of the investors is announced in the new year who invested funds projects her Greek features.

After completing the office real estate investment cycle, Errikos Arones plans to expand into the residential sector, specifically building houses and serviced apartments for rent in the center of Athens and in the northern suburbs areas such as Maroussi, Chalandri and Neos Heraklion. . How they see rent increases in a particular sector. “We believe that people interested in newly built housing from the public will turn to renting. It’s a functional and green trend”.

Otherwise, it reads the release of demand in all real estate sectors due to the rise in interest rates. “However, demand still greatly exceeds supply. In offices, the speed of green buildings is increasing because more and more companies are investing in them.” As he pointed out, the consequence of the increase in construction costs (the rates of which have decreased) is the increase in property rents, while the biggest problem of the sector is the reduced availability of labor, the solution of which would be public debate she should have turned.

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