According to KEDIPES Chairman - Lambros Papadopoulos, 2023 was the most productive year since the company was established in 2018.
In the fourth quarter of 2023, real estate with a total value of €129.6 million was transferred to the portfolio of KEDIPES, a company specializing in asset management.
It is worth noting that compared to the third quarter of 2023, the performance increased by a record 38.2%. In turn, year-on-year growth amounted to 13.6%.
In turn, total cash inflows for the full year 2023 amounted to €440.8 million, compared to €438.7 million in 2022.
Annual receipts from loan and real estate management in 2023 amounted to €434.7 million or 6.5% of the nominal value of the loan and real estate portfolio of €6,706 million as of December 31, 2023.
Cumulative cash inflows since KEDIPES' inception (January 9, 2018 to December 31, 2023) amounted to €2.104 billion. Operating and asset management expenses increased by 17.3% to €31.1 million in the fourth quarter of 2023 compared to €26.5 million in the third quarter of 2023 and by 20% to €25.9 million year-on-year.
Loans at par amounted to €5.895 million at the end of the fourth quarter of 2023, compared to €6.023 million in the third quarter of 2023 and €6.144 million year-on-year.
Significant interest from buyers contributed significantly to doValue's campaign to promote mid-liquidity properties.
Aggregate proceeds from the sale of properties through it up to and including December 31, 2023, increased to €232 million from €140 million in the third quarter of 2023 and from €179 million in the fourth quarter of 2022.
Cumulative cash inflows from the inception of KEDIPES through the fourth quarter of 2023 amounted to €3,922 million or 53.2% of the original loan balance of €737.1 million.
Assets at the end of the fourth quarter of 2023 rose to €6,568 million. Among other things, €164 million was attributable to cash, €471 million to real estate and €709 million to serviced loans.
Total leverage from the start of operations through the fourth quarter of 2023 amounted to 20.4%. Excluding interest capitalization, total leverage since the start of operations stood at 38.8%.