Grivalia Properties and Eurolife ERB Life Insurance Company S.A. (“Eurolife”) have already contributed €60,000,000 in total.
As a result of the Transaction, the total issued and paid up share capital of the Company amounts now to €120,000,000 divided into 120,000,000 shares of €1 per share, out of which, 25% are owned by Grivalia Properties, 25% by Eurolife and 50% by the fund which is managed by M&G investments.
Over the last 6 months, Grivalia Hospitality has accelerated its investment activity and has announced the acquisition of the majority stake in Pearl Island Project in Panama, as well as a successful bidding of the historic asset of Olympos Naoussa in Thessaloniki - Greece.
Proceeds raised could be deployed on the back of the pipeline identified by Grivalia Hospitality, capitalizing on the attractive entry fundamentals of the Greek hospitality real estate sector.
George Chryssikos, CEO of Grivalia Properties and Chairman of Grivalia Hospitality, stated: “Grivalia Group has managed over the last years to gain the trust of the highest quality long term Institutional Investors.
The New Investor is a perfect fit to Grivalia & Eurolife, they are bringing not only their reputation and firepower, but most importantly their extensive knowledge and deep understanding of the markets and the real estate industry.
We look forward to grow together this Company through selective acquisitions mainly in Greece, with a clear vision to maximize value for our shareholders, our people and the society.” AXIA Ventures Group Ltd. acted as financial advisor to Grivalia Hospitality for the Transaction.
