The total built area of the portfolio is 48,477sqm; seven units are located in Athens, two in Thessaloniki, one in each of Rethymno, Veria, Xanthi, Rhodes & Trikala, and one in Agrinio.

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 two firms bought stakes in Invel Real Estate Partners, a private equity fund that owns a 65 percent stake in Pangaea.

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.