Grivalia acquires 49% stake in Piraeus Port Plaza 2
Grivalia acquires 49% stake in Piraeus Port Plaza 2

Grivalia acquires 49% stake in Piraeus Port Plaza 2

The asset will be leased to a multinational company with strong presence in Greece.
RE+D magazine
17.09.2018

Grivalia Properties REIC (“Grivalia") announces the acquisition of 49% of the company with the distinctive title “PIRAEUS PORT PLAZA 2” ("PPP2").

PPP2 owns a unique property in Piraeus which was former part of the “Papastratos” facilities and is adjacent to the recently completed building owned by PPP1, a company already 100% controlled by Grivalia.

With this acquisition Grivalia continues its investment plan in the area of  Piraeus  and expects  the  project  to further generate  significant  value  for  both  its shareholders and the local community.

The  investment is  a  joint  venture for the  partial  re-development  of  the  existing  facilities  as well  as  the  construction  of  a  new  office  building. 

The existing asset  will be converted  and upgraded from a former industrial facility into a modern, energy-efficient office complex in line  with  international  sustainability  standards  with  total  areas  of 26.755  sqm  (including underground  parking  and  auxiliary  areas). 

The  asset  will  be  leased  to  a multinational company  with  strong  presence  in  Greece. 

Grivalia  has  already  agreed  to acquire  the remaining  51%  of PPP2  following  the  completion  of  the asset’s redevelopment  and its delivery to tenant.

Taking into account the asset’s value  as  well  as  other  assets  and  liabilities of  PPP2  at  the date of the transaction, the consideration was €3.62m.