Realty in­vestors eye su­per­mar­kets

Kathimerini English - - Focus - NIKOS ROUSSANOGLOU

Real es­tatein­vest­ment com­pa­nies have spent a to­tal of 186 mil­lion euros since early 2015 on ac­quir­ing prop­er­ties that host su­per­mar­kets.

Such prop­er­ties are prime tar­gets for in­vest­ment firms, es­pe­cially large spa­ces in pop­u­lar lo­ca­tions with a high com­mer­cial value. The re­cent con­cen­tra­tion in the su­per­mar­ket sec­tor has in­creased this ac­tiv­ity for prop­erty in­vest­ment com­pa­nies, par­tic­u­larly for the top-qual­ity tier where in­vest­ment op­por­tu­ni­ties have in­creased.

The most re­cent in­vest­ment in such prop­er­ties was made by Eth­niki Pan­gaea, which ac­quired five com­mer­cial as­sets (mainly super- mar­kets) to­tal­ing 87,000 square me­ters for 71 mil­lion euros.

“These prop­er­ties of­fer ex­cel­lent re­turns even in a pe­riod of eco­nomic cri­sis, as the lease­hold­ers are not eas­ily hurt by the re­ces­sion,” ex­plains Aris Kary­ti­nos, chief ex­ec­u­tive at Eth­niki Pan­gaea.

Gri­valia Prop­er­ties has this year ac­quired a port­fo­lio of 16 former Car­refour stores for 16.2 mil­lion euros through a ten­der. Gri­valia CEO Gior­gos Chrysikos com­ments that these prop­er­ties have proven ad­e­quately re­sis­tant to the cri­sis, adding that some are unique in that it is un­likely a ri­val build­ing would be con­structed in their area.

Gri­valia Prop­er­ties has ac­quired a port­fo­lio of 16 former Car­refour su­per­mar­ket prop­er­ties.

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