Trastor R.E.I.C., following its announcement regarding the conclusionof a binding share purchase agreement for the acquisition of 100% of Excelsior Hotel Enterprises
Limited, owner of a property in Nicosia, Cyprus, replying to an Hellenic Capital Market Commission's request informed investors that the total consideration for the
purchase of the shares upon completion of the transaction will be based on the net asset value (NAV)
of the company, assuming €39 million for the real estate value of the property.
The landmark mixed-use office and residential property, designed by Eraclis Papachristou Architects, is 90 meters high, has 22 floors and 3 underground levels of parking, and a total area of 14,102sqm. The offices house the business activities of the Israeli tycoon, while the 18 high-end studios and an executive mezonetta with a swimming pool on the 21st and 22nd floors meet the needs of the company's representatives visiting Cyprus on business.
The purchase will be financed by funds raised from the share capital increase completed by the Company in January 2024 as well as by bank debt.
Finally, it is estimated the transaction will be completed following the fulfillment of agreed conditions
precedent by November 2024, at which time the Company shall further inform the market.
