All five properties were leased to Sklavenitis Group for a period of 25 years.
Grivalia Hospitality is further evaluating other investments in tourism sector as part of its vision of creating long-term value.
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 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.