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offices Market News: Spanish Real Estate Intelligence

Ethniki Insurance Company sold building in central Athens for € 5,5 m

The building reportedly was purchased by a foreign investor that will invest another 4 million in its reconstruction and will turn it into short rental apartments or an office building.

The building is located on Amalias 40 avenue, opposite the Τemple of Olympian Zeus. It was completely destroyed by arson during the riots of May 5th 2010.

The total surface of the building is 3,187.66 square meters, and it has two underground floors, 4 floors of 478.31 sq m each, a mezzanine floor of 288 sq m and a roof room of 29.8 sq m.

Court puts Ektasis Development into administration

Property development company Ektasis Development has been put into administration by an Athens court. Ektasis used to control a portfolio of real estate assets and leasing contracts worth more than €390 m.

Reportedly, the court’s decision was based on the failure of the Ektasis defense to make its main statement, tipping the balance in favor of the crediting banks, even though the company claims it paid €272 m from 2009 to 2017 to pay off debts.

Today Ektasis owns over 30 properties, most of them plots of land, with an estimated combined value of 110 million euros. Ir also collects rents of €4 m/year.

Greece: HRADF starts selling process of AIA shares

The Hellenic Republic Asset Development Fund that promotes the implementation of privatizations in Greece, posted an invitation to submit an Expression of Interest for the acquisition of 30% of its shares in the company “Athens International Airport SA” (ΑΙΑ).

The bidding process will take place in two phases: pre-selection and bidding. The interested parties must declare their interest by September 30th. Deutsche Bank AG (London branch) and Eurobank Ergasias act as financial advisors, the lawyers' consortium Your Legal Partners and Drakopoulos Vassalakis as legal advisors and Arup Partnership as a technical advisor to HRADF.

AIA was established in 1996 for the construction, maintenance, and operation -for a period of 30 years- of the Athens International Airport "Eleftherios Venizelos". In February 2019, the contract was prolonged for an additional 20 years (until 11/06/2046).