Greek companies that work in real estate investment are finishing the year 2018 with excellent results. Their profits have become much larger. The investment companies managed to achieve an impressive result thanks to the expansion of their portfolio by incorporating new assets and increasing the value of real estate assets.
Economic Achievement Intercontinental International
Intercontinental International is one of the Greek investment companies that focus on real estate. She is a member of the Halikias group. Economists at this firm record a marked improvement in financial results for the first six months of 2018. The press service informed that the company's revenue increased by 23.8% year on year and exceeded the level of € 3 million.
This result was made possible by investing in seven new properties that cost the company € 1,200,000. For 2017, Intercontinental International spent about € 1,500,000 on the purchase of a dozen new objects. The emergence of new assets in the portfolio led to a significant jump in operating profit – in the first six months of 2017 alone, it increased by 109.1% and amounted to € 5,500,000. After buying a new property, the company's net profit increased by 585.5%, which in cash amounted to € 4,900,000.
The financial success of the company Trastor
Similar results were shared by Trastor, which is controlled by Varde Partners and Piraeus Bank, an investment corporation from the United States of America. The press center of Trastor reported that in the first six months of this year, operating profit increased by one third and currently stands at € 2,570,000. Note that in the same period last year; this figure was € 670,000 less. Racing profits in the company associated with the receipt of rent from a new real estate, which was recently acquired in the property, and from previously deserted assets.
Trastor now has more ambitious plans. To increase operating profit in 2019, the company doubled its spending on the purchase of new real estate, which it plans to lease. Now it’s planned to spend € 40,000,000 on this task. At the moment, the portfolio of shares of the Athens firm is € 96300000.
Pasal Development Results
Pasal Development, whose assets portfolio includes the Athens Heart shopping center, is not far behind its investment industry colleagues. Its operating income is now fixed at € 1,620,000. At the same time last year, the financial indicator was in the range of € 1,550,000.