Trade Estates is a specialised real estate investment company, listed on Athens Stock Exchange with a market cap of c €230m. It is differentiated from peers by its focus on modern retail park and new generation omni-channel logistics sectors that are well-aligned with market growth trends and under-served. The Greek economy continues to perform well, with GDP growth well-ahead of the European average, strengthening labour market, falling inflation and interest rates.
Trade Estates is fully integrated with a successful track record of acquiring, developing and managing a resilient portfolio of large-scale commercial properties across Greece, as well as Bulgaria and Cyprus. Since it was formed in 2021, the company has more than doubled its gross assets, rental income and shareholder dividends, and a fully funded development pipeline provides visibility of further strong growth through 2028.
There are five key reasons why Trade Estates represents a compelling investment case.
1. Trade Estates is a fast-growing specialised real estate investment company with a high-quality portfolio.
Trade Estates owns 12 retail parks and four logistics centres, with a gross asset value of around €600m, a gross yield of 7.8%, high occupancy and an average lease length of close to 10 years. Tenants include IKEA, Zara, H&M, Intersport, Decathlon and many other well-established names, providing a stable and diversified income base. There is an under-supply of space in the fast-developing retail and logistics sectors in Greece, providing strong upside potential. As well as benefitting from long-term structural growth trends, exposure to need-to-have and value-oriented retailers provides down-cycle protection.
2. Inflation-linked leases and strong tenant covenants underpin resilient income.
The vast majority of the company’s lease agreements are adjusted each year in line with inflation, helping to protect the value of rental income over time. Most leases also include a turnover rent clause, meaning Trade Estates can benefit when its tenants trade well. This structure provides both downside protection and upside participation.
3. Trade Estates has a clear and funded investment plan targeting significant asset value growth to 2028.
Trade Estates has a 2024–28 investment plan of €250m with €150m remaining to be invested until 2028, covering new retail parks and logistics centres at sites including the Hellenikon Metropolitan Park (Europe’s largest development project on the Athens’ riviera), Elefsina (a high-density suburban city in western metropolitan Athens) and Heraklion (the capital of Crete). The company expects this programme to add around 30% to the existing gross asset value by the end of 2028, while maintaining an attractive investment yield.
4. The company’s active management is driving down costs and gearing.
Trade Estates is moderately geared and active management of its debt has achieved a highly attractive average cost of borrowing of just over 3%, with an average duration of almost eight years. More than three quarters of borrowings are hedged or fixed including financing through the EU Recovery and Resilience Facility at an attractive cost of 1%. With its conservative balance sheet position and good visibility on financing costs going forward, the company is well placed to fund its investment plans.
5. Trade Estates’ shares trade at a material discount to NAV, offering potential upside.
At current prices, Trade Estates’ shares trade at a significant discount of more than 30% on NAV. As the company delivers on its investment plan and continues to grow earnings and dividends, there is scope for this gap to narrow. Additionally, the stock’s visibility is expected to increase as he the Athens Stock Exchange has been taken over by Euronext.
Summary
Trade Estates offers investors a compelling combination of resilient income, inflation protection and a visible growth pipeline in a specialist corner of European real estate.
Published 12 March 2026
