Hili Properties plc reports revenues of €15.8m in 2024

Commercial real estate investment company Hili Properties has announced its financial results for the year ended December 31, 2024. The company delivered a stable performance during a year shaped by portfolio developments and enhanced operational efficiency across its property assets in Estonia, Latvia, Lithuania, Malta, and Romania.

Revenue for the year reached €15.8 million, a marginal increase when compared to 2023, with EBITDA equating to €13.1 million. This performance is the result of focused execution, particularly in asset optimisation and tenant-driven improvements across all markets.

The year was marked by several strategic portfolio developments, including the full acquisition of MIRO, the company’s flagship Class A office building in Bucharest, Romania. Hili Properties acquired the remaining 25% equity stake in the property from developer Speedwell, securing complete ownership. MIRO also reached full occupancy, following successful fit-outs and the arrival of new tenants including French pharmaceutical company Biocodex, global ventilation specialists Soler & Palau, and Romanian media brand Radio Zu.

The company also completed the sale of Dzelzavas Shopping Centre in Latvia, acquired in 2015 and redeveloped into a modern retail destination.

Several asset upgrades progressed across the wider portfolio. In Latvia, the medical centre at DOLE Shopping Centre completed its first full year of operation, contributing to increased footfall. Expansion plans are now underway at both DOLE and Stirnu Shopping Centre, with 5,000 square metres of additional leasable space in the pipeline.

As of December 31, 2024, the company’s portfolio was 99% occupied, with a weighted average lease term of 7.8 years – reflecting the strength of its tenant relationships and long-term leasing strategy.

At year-end, Hili Properties’ investment portfolio was valued at €229 million, comprising 22 properties across five countries. In view of the Company’s obligation to redeem its €37 million 4.5% unsecured bonds later this year, the Board of Directors recommended that no dividends be distributed for the reporting period.

“Although interest rates have had a significant impact on the sector, influencing both borrowing costs and property valuations, we have effectively navigated these conditions through a strategy focused on portfolio optimisation, active asset management, and sustainable growth. Looking ahead, our focus remains on financial prudence, operational efficiency, and reinforcing our relationships with tenants, partners, and neighbouring communities,” said Hili Properties chairman Pier Luca Demajo.

Managing Director George Kakouras added: “We will continue to build on the momentum achieved this year, pursuing select investment opportunities aligned with our long-term growth strategy. Our approach remains grounded in sustainable development, tenant satisfaction and operational discipline. We are confident in the resilience of our portfolio and our ability to adapt to evolving market dynamics.”