Invel Real Estate and LGT Capital Partners Acquire 49% Stake in Prodea Investments S.A. Athens Logistics Platform for €31 Million

Invel Real Estate and LGT Capital Partners have agreed to acquire a combined 49% interest in Prodea Investments S.A.'s institutional logistics platform in the Athens metropolitan region for approximately €31 million, the parties announced in September 2026. The transaction, subject to completion of the regulatory process, positions the three partners to build one of Greece's largest institutional logistics investment platforms, with a stated ambition of reaching a gross development value exceeding €500 million.

Deal Structure and Valuation

Invel Real Estate is participating through its flagship vehicle, Invel Eudora Fund 2, while LGT Capital Partners joins as a co-investor. The 49% stake is being acquired through a Cypriot holding vehicle, LOGEON VC RAIF V.C.I.C., which holds the underlying logistics assets. The transaction price is calculated on a debt-free, liabilities-free value of €151.9 million for 100% of the underlying logistics assets, with the €31 million consideration reflecting the pro-rated 49% interest being sold.

The ownership split following the transaction will see Prodea Investments S.A. retain a 51% majority stake, with Invel Real Estate holding 30.35% through its Cypriot entity and LGT Capital Partners holding 18.65%. Prodea Investments S.A. will continue to serve as asset and development manager of the platform, maintaining continuity in strategy execution and portfolio management.

Platform Composition: Standing Assets and Development Pipeline

The platform currently comprises approximately 130,000 square meters of fully leased, prime logistics space strategically located across Attica's key logistics hubs, including areas in West Attica such as Aspropyrgos, Magoula and Mandra. The existing portfolio provides immediate scale and stable cash flows from a diverse base of tenants. Assets within the platform include properties branded Unilog, Thetis and Irinna, which form part of the West Attica logistics cluster.

In addition to the standing portfolio, the platform includes a secured development pipeline of more than 140,000 square meters, scheduled to be delivered in phases by the end of 2027. Combined, the standing assets and pipeline represent more than 270,000 square meters of logistics space across the greater Athens area. Sustainability is a central element of the development strategy: more than 70% of the pipeline area is expected to achieve LEED Gold certification, and all assets are planned to incorporate high-standard sustainability features.

Greek Logistics Market Context

Greece's logistics sector has attracted growing institutional interest in recent years, driven by the country's geographic position connecting Europe, Asia and Africa, and a structural shortage of high-quality logistics space. That supply-demand imbalance has supported strong rental growth and yield compression, while Greek logistics yields continue to offer a spread over more mature Western European markets. Prime logistics pricing in Greece has been broadly in the range of €1,050 to €1,100 per square meter, consistent with the implied per-square-meter valuation reflected in the platform's €151.9 million asset value.

The three partners have indicated plans to expand the platform beyond the secured pipeline through additional investments in the Greek logistics market, targeting a portfolio value exceeding €500 million.

Outlook

With Prodea Investments S.A. retaining operational control as asset and development manager, and Invel Real Estate and LGT Capital Partners providing institutional equity backing, the partnership is structured to pursue both the near-term delivery of the 140,000-square-meter pipeline and longer-term acquisitions across Attica's logistics corridors. The LEED Gold targets across the majority of the pipeline reflect the partners' alignment with institutional standards for sustainable logistics assets, which have increasingly commanded premium rents and tighter yields in European markets.

Sources: Invel Real Estate — PRODEA Investments partners with Invel Real Estate and LGT Capital Partners