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offices Market News: Spanish Real Estate Intelligence

Piraeus’ landmark tower to get a 99-year lease and a facelift
Prodea Investments and Cante Holdings Ltd announced the signing of the 99-year concession for Piraeus Tower, one of the most emblematic commercial buildings in Piraeus. The concession has been granted by the Municipality of Piraeus to Piraeus Tower S.A., a joint venture between Prodea Investments and Cante Holdings, for an initial annual consideration of €1,010,000. Prodea Investments holds a 30% stake in Piraeus Tower S.A. whereas Cante Holdings Ltd holds 70%. Cante Holdings Ltd is a joint venture between Dimand Group (65%) and EBRD (35%). The 22-story tower, the municipality’s largest asset, has been in disuse for over 45 years Piraeus Tower is the second tallest building in the wider region of Attica. It is an iconic 24-story building overlooking the largest port of Greece. The concession marks the beginning for the full reconstruction of Piraeus Tower and its transformation into a modern energy sustainable office and retail building with an above ground surface of 29,000 sqm and 3,500 sqm of basements. The project is expected to be completed by Q1 2023. The total investment is in the region of €50 m. This landmark project, in combination with the wider action plan of the Piraeus Municipality that aims to redevelop the area and the investment plan of Piraeus Port Authority, will contribute to the further improvement of the urban landscape, the increase of visitors and the overall financial development of Piraeus. PILA has been announced as the winner of an international competition to redesign the façade of building. The tower was built in 1975 and was originally designed by architects I. Vikelas, G. Molfesis and A. Loizou. Often referred to as the ‘sleeping giant’, the abandoned structure has in fact never been occupied except for the first three floors. According to PILA the company seeks to transform the existing architecture into a contemporary and dynamic landmark for the burgeoning Piraeus district. Original Source: Euro2day Adaptation/Summary: Kiki Athanasiadis
 
Intercontinental International REIC cancels commercial property acquisition
According to the announcement, “Intercontinental International REIC, following its announcement from 14.11.2019 regarding its successful bidding in a public tender organized by Piraeus Real Estate SE for the acquisition of an independent commercial property on 13 Tsakalof Street informs its shareholders and the public that in view of the negative climate created in the economy, due to the pandemic of SARS COVID-19 and after relevant discussions with the tender organizer, it will not proceed with a contract for the acquisition of the above property. Original Source: Euro2day Adaptation/Summary: Kiki Athanasiadis
 
Trastor REIC acquired two office builgings
Trastor REIC announced the acquisition of two prime, grade-A office buildings located at Amarousiou – Chalandriou Str. in Maroussi. More specifically, the company acquired a stand-alone office building with total surface area of 21,412 sq.m. that consists of office areas and underground ancillary and parking areas. The property is located at 16, Amarousiou-Chalandriou Str. The acquisition price for this property is €26.8m. Additionally, the company acquired a stand-alone office building with total surface area of 4,185 sq.m. that consists of office areas and underground ancillary and parking areas located at 29, Amarousiou-Chalandriou Str. The acquisition price for this property is €7.2m. The seller of both properties is AVAX S.A., one of the largest construction groups in Greece that will lease the two properties and remain as tenant. The transaction was financed by funds raised from the issuance of common bond loans. Original Source: Euro2day Adaptation/Summary: Kiki Athanasiadis