On September 30, 2021, Greek company Prodea Investments announced that the group’s profit for the first half of 2021 amounted to EUR 108.8 million, compared to EUR 28.1 million in H1 2020.
According to the company, their net gain from fair value adjustment of investment property amounted to EUR 57.3 million (versus a net loss of EUR 5.5 million in H1 2020), reflecting the positive trend of the commercial real estate sector in Greece. The group’s NAV as of June 30, 2021, amounted to EUR 1,439 million or EUR 5.63 per share, versus EUR 1,367.9 million or EUR 5.35 per share, respectively, as of December 31, 2020.
Regarding the effects of the coronavirus pandemic for H1 2021, the group’s rental income was not materially affected due to the small exposure of their real estate portfolio to companies and tenants whose activity was affected by the pandemic. More specifically, the reduction in rental income for H1 2021 amounted to EUR 1.6 million for the group and EUR 1.3 million for the company.
“After a long economic and an unprecedented epidemiological crisis, the Greek economy has entered a phase of revival and the prospects for new investments are promising,” said Prodea CEO Aris Karytinos. “Prodea continues its investment plan which mainly focuses on bioclimatic office buildings. Following the successful issuance of the first green bond in real estate in Greece in July, Prodea has the necessary liquidity to invest in sustainable real estate.
