Property investment companies see revenues rise thanks to rents

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...