Hili Properties, the real estate subsidiary of Hili Ventures, has announced its financial results for the year ending 31 December 2024, reporting stable revenue and progress across key development initiatives throughout its pan-European portfolio.
Revenue for the year reached €15.8 million, a slight increase from €15.6 million in 2023. The company’s focus on strengthening its existing portfolio led to improved operational efficiency and long-term stability across assets in Estonia, Latvia, Lithuania, Malta, and Romania.
A key highlight of the year was the full acquisition of MIRO, Hili Properties’ flagship office development in northern Bucharest. The company acquired the remaining 25% shareholding from developer Speedwell, completing its ownership after the initial 75% acquisition in 2022. MIRO also achieved full occupancy last year, reinforcing its position as a top-tier asset in the region.
In early 2024, Hili Properties also completed the sale of the Dzelzavas Shopping Centre in Latvia. Originally acquired in 2015 and redeveloped in recent years, the asset was divested following the successful realisation of its value. Both the acquisition of MIRO and sale of Dzelzavas support the company’s strategy to focus on long-term, high-quality assets while ensuring a balanced capital structure.
Elsewhere in the portfolio, the company made further headway on development projects. In Riga, the medical centre at DOLE Shopping Centre completed its first full year of operation, contributing to higher footfall. Plans are now in motion to develop an additional 5,000 square metres of leasable space at both DOLE and Stirnu Shopping Centre. In Malta, the company secured planning permission for an extra floor at the Nineteen Twenty Three office building in Marsa.
Macroeconomic factors, particularly interest rates, influenced financing conditions and valuations throughout the year. The recent 100-basis-point cut by the European Central Bank, with further adjustments expected, is anticipated to support increased activity in the real estate market.
“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 selective 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.”
Hili Properties moves into 2025 with a sharpened focus on strengthening its core portfolio and driving long-term, sustainable performance across its markets.
