TMM completes construction of Europe

TMM Real Estate (TR61 GR) is planning to finish construction of Europe’s largest bakery this quarter, the company announced yesterday. TMM is a contractor on the bakery, whose capacity is 250 t of bread per day and total cost was estimated at USD 45 mln. According to the company, it is currently providing 14 construction services to third-parties, which is a part of the developer’s diversification efforts aimed at securing cash flow stability. The company increased revenue from third-party construction contracts 560% yoy to USD 4.6 mln in 1H12, while cash flow from sales of its own real estate properties amounted to USD 10.1 mln (+16% yoy). TMM also said it was continuing work on other real estate projects, including flagship residential project Sonyachna Brama in Kyiv, the second stage of which it plans to open in 4Q12.