Praktiker Hellas on Wednesday announced it was acquired by Fairfax Financial Holdings Limited for an undisclosed sum. Praktiker Hellas, with an annual turnover of 195 million euros, is the largest company of Praktiker Group abroad.

The pandemic and the effects on the tourist movement played a catalytic role in the postponement of the original plans.

New shareholding structure, new management and investments amounting to € 3 million

The international real estate firm said it has entered into a joint venture with NBG.

The project expected to create 500 job openings direct and 5,000 job openings indirectly.

The size of the store will be 8.000 sq.m. and it will open in the second semester of 2020.

All five properties were leased to Sklavenitis Group for a period of 25 years.

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.

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.