Trade Estates, a Fourlis group company, kicked off the year with a solid rise in key financial metrics. Consumer visits across it’s parks reached 5.2 million in the first quarter, up 7.75%, while tenant sales climbed to €116 million, an increase of 9.5% and 4.6% on a like-for-like basis.
Rental income increased 7% to €10.5 million from €9.8 million, while total revenue rose 8.8% year on year to €13.3 million. Adjusted EBITDA came in at €8.2 million, up 4.4% from €7.9 million, and net profit increased 19% to €4.9 million from €4.1 million. Cash flow from operating activities also improved, rising 14.9% to €5.3 million.
Expansion pipeline ahead
Looking ahead to 2026-2028, management has mapped out a development programme involving three properties with total spending expected to exceed €130 million. Once completed, Trade Estates expects the gross value of its portfolio to rise to between €740 million and €760 million, including capital gains on the existing assets.
Trade Estates is also pursuing possible acquisitions alongside organic growth, with the longer-term goal of reaching a total asset value of 1 billion euros from the current 603 million euros.
Projects in focus
The next wave of investment includes the completion of the InterIKEA logistics complex, which is due to enter full operation in the third quarter. Beyond that, the company plans to expand its Top Parks retail park in Heraklion, Crete with 10,000 sq. m of additional space and a €25.5 million investment.
A larger project is planned for Ellinikon, where Trade Estates intends to develop 28,500 sq. m across four two-storey buildings with a budget of €75 million including land acquisition.
Construction is expected to begin in the fourth quarter of 2026, with eight to nine stores planned; 40% of the space is already leased to IKEA, and pre-agreements have been signed with two to three additional major tenants.
Another third project is a €47 million logistics development in Elefsina, covering 58,500 sq. m, which will be built for Kotsovolos, one of the leading electrical and electronics retailers in Greece and Cyprus.
