The agreement between Aktor and Prodea Investments appears to be “sinking,” which had caused intense discussion for the acquisition of a real estate portfolio worth 579.4 million euros. As revealed earlier by the “Game Over” column of powergame.gr, the transaction that was presented as a decisive move for the construction group’s entry into the real estate sector now appears to be definitively abandoned.
Read: AKTOR Group: With 65 million euros doubled EBITDA in the 1st half
It should be noted that this agreement, which was announced last year, provided for the acquisition of 39 properties by Aktor through Milora, a subsidiary of Prodea. This package generated annual rental income of 40.6 million euros and included, among others, the modern business center HUB26 in Thessaloniki, the iconic City Tower in Sofia, as well as other mainly commercial properties both in Greece and abroad.
Although just a few weeks ago Aktor had officially assured the Hellenic Capital Market Commission that the completion of the agreement is postponed until September 25, 2025, due to the complexity of the deal, everything now indicates that the company is ultimately withdrawing.
Aktor and Prodea deal fails: The high cost of borrowing
The reason appears to be mainly economic. The acquisition of the properties would require financing of approximately 600 million euros. Such a burden would lead to “expensive” borrowing, with high interest rates that would significantly pressure earnings before interest, taxes, and depreciation (EBITDA).
In simple terms, Aktor would face high debt repayment costs, which would significantly limit its profit margins, at a time when the group is trying to establish its market position following successive restructurings and strategic initiatives.
The concessions
Another critical factor is the already planned agreement for the acquisition of Aktor Concessions, which largely covers the group’s expected profitability for the coming years. With this specific agreement, the company secures stable cash flows and long-term predictability, elements that make it less imperative to undertake additional risk through an expensive real estate acquisition.
As the company recently announced, the acquisition of AKTOR Concessions is expected to be completed within the next few weeks, while the completion of the acquisition of a majority stake in ENTELEHIA is scheduled for October.
If the agreement had proceeded, Aktor would have made a critical opening in the real estate sector, aiming by 2030 to build a portfolio worth 946 million euros. Within this strategy, it had already established two subsidiary companies, Aktor Real Estate and Aktor Stone, with the goal of establishing a strong portfolio.
At the same time, the company’s presence in the real estate space is already noticeable. In Athens, it operates the five-star “Xenodocheio Milos” and manages a renovated office building on Hippocrates Street with BREEAM certification. Additionally, in Mykonos, it is developing a residential complex for personnel, 95 rooms, with a budget of 10 million euros, targeting completion in 2026.
