Investment in the development of new logistics facilities is accelerating both in Attica and in Thessaloniki, as the underinvestment observed during the crisis and the major need for new spaces due to the rapid growth of electronic commerce have led to a significant mobilization of capital in this direction.
Data show that at this point there are total investments of 150 million euros under way for the development of new facilities, with a combined area of 300,000 square meters.
The new survey by the chartered surveyors at Geoaxis, titled “Logistics-Price Observatory,” reported that “nowadays, every new logistics space with an area of more than 20,000 sq.m. can be leased out immediately as there is accumulated demand and next to no supply. The market imbalance is leading to a rise in prices and a decline in the yield factors for quality assets, depending on location and construction features. Investment returns in Greece, ranging from 8%-8.5%, are among the most competitive at the European level,” the report noted.
In this context over the last 12 months investment activity in new logistics infrastructures has jumped. Geoaxis data showed that Sarmed started operations at a new 9,000 sq.m. unit at Aspropyrgos a month ago, while this month it will also open a facility of 23,000 sq.m. at Mandra. That will be followed by the company’s new storage complex, also at Aspropyrgos, covering 60,000 sq.m., and then Sarmed will expand its facilities at Sindos, in Thessaloniki, by 20,000 sq.m.
With those additions the company will double its logistics portfolio to about 200,000 sq.m. and it has recently signed an agreement with BriQ Properties REIC for the sale of an 80% stake in a subsidiary that owns storage facilities of 58,641 sq.m. at Mandra, in a €23.6 million deal.
The Sklavenitis group is also planning a large-scale investment with a new 100,000 sq.m. logistics complex in Attica. The Jumbo group is implementing a new logistics center at the 85th kilometer of the Athens-Lamia national road that will cover some 16,000 sq.m.
Another €10 million investment is in the works by the electrical goods company Kafkas at Aspropyrgos, at a facility for the storage and distribution of its commodities. The project is beginning this year and will be completed in early 2022.