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.

The REIC purchased EUROCO office building for €1.400.000.

A year ago the coronavirus pandemic ended up drastically changing the way we work, since teleworking became the new rule.