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.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
