TRESTATESReal Estate · REIT - Office · ΧΑ

Trade Estates Real Estate Investment Company

€1.936

+0.01(+0.31%)

Close 26/10/2026 · end-of-day price, not real-time

Trade Estates Real Estate Investment Company (TRESTATES) closed at €1.936 on 26/10/2026, +0.31% on the day. Market cap €233.3m, P/E 5.9, dividend yield 6.74%.

My view

Private · MENTOR takes it into account

−1.2%6M

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26/10/2026Close 1.936+0.31%Vol 18.6k−1.2% since start

Key statistics

12 months to Jun 2026 unless a figure says otherwise

Profile

At the 26 Oct close

Market value: €233.3m
Enterprise valueDec 2025est.: €487.5m
Shares outstandingOct 2026: 120.5m
Revenue12 months to Jun 2026: €53.5m
Employees: 37
Free float: 30.6%
Traded a day, 3-month average: €85.9k

Property

Jun 2026

Price ÷ NAV: 0.68×
NAV per share: €2.86
FFO yieldFY2025: 9.4%
Net LTV: 45.8%

Valuation

12 months to Jun 2026

P/EFY2025: 5.9×
P/B: 0.69×
EV/Salesest.: 9.1×
Dividend yield: 6.7%

Returns

FY2025

ROE: 12.2%
ROA: 6.0%
ROE, 5-year averageFY2022–25: 11.6%
Tax rate: 6.3%

Financial health

Dec 2025

Cash: €24.9m
Net debt: €254.2m
Debt ÷ equity: 86.3%

Growth

Revenue, last yearFY2025: +12.3%
Revenue, last halfH1 2026: +6.6%
EPS, last yearFY2025: +65.0%
Revenue, 3 yearsFY2022–25, a year: +35.6%
EPS, 3 yearsFY2022–25, a year: +6.0%

Dividends

FY2025

Yield, last 12 months: 6.7%
Per share: €0.130
Payout: 39.4%
Years paid, last fiveFY2022–25: 4

Withheld, and why

Valuation: EV/EBITDA, P/FCF · Margins · Returns: ROCE, ROIC · Financial health: Net debt ÷ EBITDA, Interest cover · Dividends: Covered by free cash flow · property revaluations sit in operating profit, and buying buildings is investment, not capex

Trading and risk

From our closes, dividends reinvested

Total return, 1 year: +16.7%
Volatility, 1 year: 15.0%
Beta to the General Index: 0.27×
Deepest fall, 1 year / 5 years: −8.0% / −11.4%
52-week range: €1.760–€2.08

est.worked out by usread with care: tap for why

Where the figures come from: the company's reports, reviewed by us · annual accounts filed in ESEF format · results announcements on the exchange · our own closing prices. No forecasts or target prices are stored.

Financial charts

From the stored figures: the reviewed dossier first, then the annual reports (ESEF) and results announcements

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Valuation

6 companies

Metric	TRESTATES	Peer median	Peer range
P/E	5.9	6.1	3.1 14.2
P/B	0.69	0.75	0.51 1.48
P/S	4.4	7.2	4.0 17.3
Dividend yield	6.7%	4.4%	3.1% 6.1%
Payout ratio	39.4%	27.0%	14.5% 41.6%
ROE	12.2%	10.0%	7.0% 19.0%
Revenue growth (last full year)	12.3%	35.2%	-25.5% 151.8%
Net debt	€254.2m	€125.9m	-€21.4m €397.5m

Twelve Data · latest quarter 30/06/2026

Peers: REICs

Dividend yieldDay

Trastor Real Estate Investment CompanyTRASTOR4.4%−0.4%

Noval Property Real Estate Investment CompanyNOVAL3.1%+0.4%

Trade Estates Real Estate Investment CompanyTRESTATES6.7%+0.3%

Ble Kedros R.E.I.C.BLEKEDROS8.0%+0.0%

PremiaPREMIA4.7%+1.3%

BriQ Properties Real EstateBRIQ6.1%+0.6%

Orilina Properties A.E.E.A.P.ORILINA3.6%+0.2%

Compare in depth

The company

AI-drafted

Trade Estates is a Greek REIC that owns, develops and leases retail parks and logistics centres in Greece, Cyprus and Bulgaria. It collects rent and service charges from retail chains and distribution businesses. Fourlis Group is its largest shareholder.

How it makes moneyH1 2026 · basis: revenue

Retail parks²(Calculated from total revenue, including service charges.)91.9%
Logistics centers²8.1%
Other assets²(Development assets and land, with no period revenue.)0%

It is

A property company focused on retail parks and logistics.^2,3
A REIC with material ownership and tenant relationships with Fourlis Group.^2,8

It is not

The IKEA retail operator; it earns rent from tenants.^2,3
A guaranteed-income product or direct ownership of individual buildings.^1,11

Recent developmentsAll company events →

Sep 2026Treasury shares reached 268,959 in the 21 September announcement.⁴
Aug 2026Agreed to buy an indirect 50% stake in Sofia South Ring Mall for €49.35m; closing was expected by end-2026.^5,3
Jun 2026The Aspropyrgos logistics centre was delivered and began operating for Inter IKEA.^2,3
May 2026Issued 618,821 incentive shares without new cash proceeds.⁹
Dec 2025Completed absorption of Ktimatodomi, Polikenco and Gyalou subsidiaries.¹⁰
Feb 2025Fourlis placed a 16% stake and fell below majority ownership.⁸

Key figures

Gross asset value €625.322m 2026-06-30²
NAV per share €2.86 2026-06-30²
Net debt to GAV 43.83% 2026-06-30²
EPRA vacancy rate 3.26% 2026-06-30²
Funds from operations €9.979m H1 2026²

Key facts

Fourlis Group held 46.84% on 30 June 2026, below majority ownership.^2,8
16 income-producing assets with approximately 440,000 sqm leasable area at 30 June 2026.^2,3
FY2025 base dividend of €0.13 per share, with small treasury-share adjustments.^7,6
IKEA represented 32% of H1 2026 gross rental income.³

Sources

1.Annual financial report FY2025Trade Estates REIC · 17/03/2026official
2.Interim financial report H1 2026Trade Estates REIC · 02/09/2026official
3.H1 2026 results presentationTrade Estates REIC · 02/09/2026official
4.Treasury shares purchase and balance announcementTrade Estates REIC · 21/09/2026official
5.Agreement to acquire 50% of Sofia South Ring MallTrade Estates REIC · 07/08/2026official
6.FY2025 final dividend supplementTrade Estates REIC · 16/06/2026official
7.FY2025 dividend distributionTrade Estates REIC · 05/06/2026official
8.Fourlis voting rights below 50%Trade Estates REIC · 05/02/2025official
9.Trading of 618821 incentive sharesTrade Estates REIC · 21/05/2026official
10.Completion of absorption of three subsidiariesTrade Estates REIC · 12/12/2025official
11.Annual general meeting resolutions 2026Trade Estates REIC · 05/06/2026official

AI-drafted from the cited sources · 24/09/2026 · v3 · ✓ checked by an independent second modelTrade Estates Real Estate Investment Company S.A.Website ↗

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Why it moved

+0.31% · volume 0.5×

News & events

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Peers

5 listed peers

Results

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Valuation

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