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

The REIC purchased EUROCO office building for €1.400.000.

The property is in a modern Business Complex, located in the center of Athens, at 109-111 Mesogion Ave.

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

The acquisition price is € 2.5M.