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.

In an announcement, Invel said its investment in Pangaea exceeds €1 billion.

The building is located at the junction of 115-117 Vouliagmenis Avenue & Ilia Iliou Street, in Athens.

In a building owned by the National and Kapodistrian University of Athens

New York’s investment sales market is often seen as a barometer for real estate the world over.