Dimand: We are not after turnover but profits

Having successfully weathered five crises, from the global economic recession of 2008 and the Greek financial crisis of 2012 to the capital controls in 2015, the health crisis of the coronavirus and the war in Ukraine, Dimand steeled itself through structural growth , as emphatically emphasized by Dimitris Andriopoulos, founder and CEO of the company.

So the upcoming crisis of high interest rates and inflation will be treated as another crisis, he said.

Read also: Dimand Real Estate Development ready for public offering

In the midst of this crisis, Dimand, which started 20 years ago with 160 thousand euro share capital, today has equity reaching 45 million euros, as it prepares for its listing on the Athens Stock Exchange, proceeding to increase its share capital by raising funds of up to EUR 98 million. It’s worth noting that this is the first public listing after eight years, as the last was ELTEX Anemos in July 2014.

The firm has 23 investment projects in various stages of maturity, which will be completed in the next two years, and is looking for new opportunities for 2025 and beyond.

One thing that will change is the distribution of dividends, which has never happened before as profits were re-seeded into the company’s growth.

Read also: Dimand: Marianna Latsi and George Elliott (Orasis) are new shareholders

Ellinikon

As concerns Ellinikon, the leading urban regeneration project in Europe, various collaborations are being considered, however there is no agreement, as of yet.

Price rallies in construction costs

According to Mr. Andriopoulos the war in Ukraine is not responsible for the increases in construction costs, as the upward trend of prices started in the second quarter of last year due to pandemic related supply chain lags and the increase of prices in energy, transport and labor costs. In Greece the issue was exacerbated due to the lack of workers.

As a result of all this costs for Dimand skyrocketed by 25% – 40% within 60 days. This, however, wqs offset by increased demand for modern “green” office buildings. In areas of Athens, rents of high standard office space with Leed certificate (buildings with respect for the principles of sustainable construction) from 18 euros per sq.m., have reached up to 26 euros per sq.m.

10% to 15% cheaper rents

However, in order for Athens to remain competitive against other European metropolitan centers in order to attract multinational and large national companies, office rents should be cheaper, according to Mr. Andriopoulos.

Projects

Among the projects carried out or implemented by DIMAND Real Estate Development, are emblematic works such as: the Tower of Piraeus, the former Papastratos tobacco factory of the company in Piraeus, the historic former department store “MINION”, the first green hotel in Greece under Marriott International’s brand Moxy, the AGEMAR building and “Agia Sofia”, the new impressive stadium of AEK FC.