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alternative Assets News: Greek Real Estate Intelligence

TEMES, STASINOPOULOS and LAMDA Development to upgrade the Olympic facilities in Athens
According to the Greek press, the government intends hand over  OAKA (Olympic Athletic Centre of Athens) to the HRDH (Hellenic Republic Asset Development Fund) and then to privatize it. This will be done after the Olympic facilities undergo a total facelift that is expected to reach €55 m. The process of renting-transferring the Olympic facilities to the hands of individuals is already in full swing. The first deal concerns the 16 tennis courts, which came under the control of the company "TEMES" of Achilleas Konstantakopoulos and Ioannis-Hippocrates Stasinopoulos and their joint company "Stadium 2020". Lamda Development also participates in the project; last summer it signed a memorandum of understanding with the Ministry of Culture and Sports for the transfer and development of the National Sports Center of Agios Kosmas within the Metropolitan Park of Green and Leisure in Elliniko. The Memorandum stipulates that Lamda will consider proposals for the development and renovation of the Olympic and general sports facilities in Attica. There comes the proposal to the company for the complete reconstruction of the Aquatics Centre at the Olympic Stadium as well as the construction of another, new, 25x 25 meter pool, to meet the increased needs of preparation of athletes for the pre-Olympic season. Another proposal concerns the renovation of part of the hostels that host the Greek champions in OAKA. In total, the upgrade of OAKA has a budget of over €53 m for athletes, citizens and even tourists and includes from the renovation of the Calatrava roof and the repairs to existing facilities to the creation of a sports hotel and Museum. Also, the pedestrian bridge connecting OAKA with the Olympic Museum of Athens, which will soon operate in the Golden Hall of Lamda Development, was completed. In total, the first phase includes energy saving interventions, energy footprint reduction and an integrated waste management system of €10 m, financed by the Recovery Fund, while €4.5 m will be allocated for the modernization of the pools etc. The projects for the static reinforcement and maintenance of the roofs and the maintenance program are also very important and have a budget of €15 m to be funded by the Attica Region. The construction of a main building housing federations and Indoor National Stadium for events and handball with 5 million euros will be implemented as a PPP project, and the same goes for the design and construction of a four- or five-star hotel with a capacity of 100 to 150 at an estimated cost of 6 to €10 m. Original Source: Banks.com.gr and sdna.gr Adaptation/Summary: Kiki Athanasiadis
Sheikh invests millions in the Greek real estate market
Sheikh Tahnoun bin Zayed Al Nahyan, the son of the founder of UAE and a major investor in real estate, purchased the prominent property on Dionysiou Areopagitou street in Athens, which had been auctioned a few months ago. He also purchased an old hotel in Porto Heli. Starting early next year the property in Athens, with plenty of views of the Acropolis, will be transformed into a luxury accommodation and the hotel in Porto Heli will be transformed into a six-star hotel. For those who are familiar with how the Sheikh manages Royal Group UAE, a group of dozens of companies, with a turnover of 75 bn USD, his activity in Greece does not come as a surprise. The property on Dionysiou Areopagitou str, one of the most expensive streets in Athens, used to belong to the businessman and major investor of the Stock Exchange, Giannis Tzivelis. It is located at the junction of Areopagitou and Makrygianni streets, and it was auctioned off by a bank. The price at which it was purchased by the Sheikh’s companies has not been made public. The five-storey building will be transformed into luxury homes for high-income residents, and it will also host two prominent foreign restaurants, such as Cipriani. The Ermioni Club, an old hotel in Porto Heli, covers an area of ​​220 square kilometres and was purchased last year, as the location is ideal. A luxury six-star hotel, private villas and renowned restaurants will be set up there. The sheikh's third investment in Greece is in the area of energy; however the deal that has to do with the Meliti area in Florina has not yet been completed so there isn’t any information available yet. Original Source: Proto Thema Adaptation/Summary: Kiki Athanasiadis
Piraeus Bank sells property to IPTO
Power Transmission Operator (IPTO) purchased a four-storey building in Peristeri, Athens, from Piraeus Bank Group. Piraeus Real Estate conducted the auction for the building at the junction of Kifissos Avenue and Konstantinoupoleos 1 str. The property is worth €12 m and has a total space of ​​15,583 sq.m. It includes offices, shops, auxiliary spaces and a Public Power Corporation (PPC)  substation. According to the bank’s announcement, Piraeus Bank Group has a large portfolio of real estate, able to meet the most demanding needs of the market. The bank now proceeds to a strategically important sale, which further strengthens the company's leading position in the real estate sector. The Senior General Manager, Head of the Real Estate Group of the Piraeus Bank Group and CEO of Piraeus Real Estate, George Kormas, stated: "In the context of the active management of the real estate portfolio of Piraeus Bank Group, Piraeus Real Estate proceeded to the sale of the multi-storey four-storey property in Peristeri, worth €12 m, proving that despite the difficult period for the national economy, there are still significant windows opportunity in the domestic real estate market for strategically important agreements. With the completion of the transaction, Piraeus Real Estate confirms that it is able to meet the high demands and needs of the market, thanks to its experienced team of highly trained specialists ". Original Source: Euro2day.gr Adaptation/Summary: Kiki Athanasiadis