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.

Wert Red is a Luxembourg based company wholly owned by Varde Partners.

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.

Lazart Hotel has 74 spacious rooms and offers luxurious accommodation in a privileged spot of Thessaloniki.

The share purchase price amounted to €11.2 million of which €7.6 million was paid upon the transfer of the shares.