Property Investment Companies See Revenues Rise Thanks To Rents

Date: 28.09.2018 / By Nikos Roussanoglou / / Comments (0)
The operating revenues of Pasal Development, owner of the Athens Heart shopping center (pictured), rose from 1.55 million euros in January-June last year to 1.62 million in the same period this year..

Real estate investment companies (REICs) have posted a significant increase this year both in revenues and operating profits as a result of strengthening their portfolios with new assets and the increased value of their properties.

On Friday Trastor, which is controlled by US investment firm Varde Partners and Piraeus Bank, announced a yearly rise in its first-half operating profits by 33 percent to 2.57 million euros, from 1.9 million last year. This was thanks to the rents from new properties acquired and from leasing out assets that had until recently been empty.

The Athens-listed company is implementing an ambitious investment program aimed at doubling its spending to 40 million euros, from 20 million in 2017. Trastor acquired properties worth 16.7 million euros in January-June, taking its portfolio to 96.3 million.

Another REIC, Intercontinental International, which is owned by the Halikias family, has also recorded an improvement in its first-half financial results: The company reported a 23.8 percent year-on-year increase in revenues to 3.4 million euros, thanks to the new investments implemented. In the year to end-June, the listed enterprise acquired seven new properties for 12 million euros, while last year it had added 10 new assets to its portfolio, worth over 15 million euros. Its operating profits jumped 109.1 percent in H1 to 5.5 million euros, and its net profits soared 585.5 percent to 4.9 million.

Pasal Development, the owner of the Athens Heart mall, also reported a rise in operating revenues: They amounted to 1.62 million euros, against 1.55 percent in the first half of last year. Its losses were considerably smaller this year, at 1.5 million euros, against 5.9 million in January-June 2017.

Reviews & Comments ( has relaunched as the top Greek real estate and property website portal dedicated to Greece and Cyprus’ industry.’s members include top real estate agents, realtors, individual sellers, FSBO, sale by owners, architects, developers, construction companies, lawyers, notaries and others that advertise residential (house, home, land, apartments, flats, villas, land, parcels and commercial listings for those looking to buy, sell and rent across all of the Hellenic Republic. is like the MLS database portal that is advertised in the top Greek diaspora and international markets around the world to those looking to invest - including Australia, the United States, Canada, United Kingdom, Germany, France, Spain, France, Europe, South Africa, Russia and everywhere else. Most foreigners start their home search in popular destinations like Mykonos, Chania, Crete, Athens, Thessaloniki, Cyclades, Santorini, Rhodes, Corfu, Ios, Lefkada and many more cities, prefectures and regions in Greece. has been featured in most Greek news media outlets and in some of the leading international publications in newspapers, magazines, websites, online news portals, television and radio. Notable publications featuring and its founder, Georgios Stroumboulis include the Wall Street Journal, G1 Brasil, India Today, Barron’s, El Mundo, Naftemporiki, Kerdos, Isotimia, Vradyni, Elefterotypia, Elefteros Typos, Imerisia, Ta Nea, Ethnos, Neos Kosmos,,,,,, People Greece,, Radio Neo Show, Antenna ANT1 Satellite TV, MEGA TV, Makedonia TV, Channel 9 (Το Α και το Ω των ακινήτων). is the only real estate website to have produced its own reality TV show called Hellenic Home Hunting ( Created, produced and edited by George Stroumboulis’ media company, BouliBrand (, this TV show caused an international media storm for controversy during the unstable economy period in Greece. Visit for the latest property listings and start your search, register for an account to sell or simply browse our news. Stay connected with us on Facebook (, Twitter (, LinkedIn (, YouTube (, and Instagram ( Use the hashtag #GPE360 and #HellenicHomeHunting.

featured on the front page of

The Only TV Show Promoting
Greek Real Estate to the World!