Trastor completes acquisition of iconic mixed-use LABS Tower in Cyprus

Trastor R.E.I.C. (hereinafter the “Company”), following the signing of a binding share purchase agreement dated 03.09.2024 for the acquisition through its wholly owned subsidiary “TRASTOR HOLDINGS SINGLE MEMBER SA” of 100% of “Excelsior Hotel Enterprises Limited”, owner of the famous LABS Tower in Nicosia, Cyprus, announced that the required conditions for the completion of the transaction have been fulfilled.

The total consideration for the purchase of the shares of “Excelsior Hotel Enterprises Limited” amounted to €3.75mn, which is equal to the net asset value (NAV) of the acquired company at the completion of the transaction, assuming €39mn for the real estate value of the property.