GRIVALIA PROPERTIES REIC announces that it has officially completed the acquisition of a 50% undivided interest over a commercial asset, located in 340, Syngrou Avenue in Kallithea, for which it was declared preferred bidder in an e-auction.

Total area is c. 12,400sqm, 5,130sqm of which concern the asset in Athens and 7,270sqm concern the asset in Glyfada.

The property is a listed building with a space of 1,086 sqm.

Pangaea recently proceeded with the signing of a preliminary agreement for the acquisition of three warehouses under development with modern specific actions in Aspropyrgos, Attica.

The renowned "Asteria" Hotel, which used to operate within the property, is planned to be fully upgraded into an ultra-luxury urban resort run by an internationally acclaimed hotel operator.

In an announcement, Pangaea said it will invest €1.3 million to fully restore the building, raising its investment to €7million.

The REIT declared a partnership with a World Bank’s member, IFC.

The offered bid was more than €11.000.000.

The real estate property has a total surface of 700 sq.m.

The five-storey building covers a space of 838 sq.m. and it is fully leased to five different companies.