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real-estate-transactions Market News: Greek Real Estate Intelligence

Noval Property acquired 100% of the River West shopping centre and the IKEA hyper-market
Noval Property announced the completion of the merger by absorption of METEM S.A. As a result of this merger, Noval Property acquired full ownership of the River West shopping center and the IKEA hyper-market located on Kifissos Avenue (previously, Noval Property owned 54.428% of the undivided share of these properties). Through the merger, the value of Noval Property’s real estate portfolio is now set at €349.1 m. At the same time, Noval Property announced that The Orbit office building located at 115 Kifissias Avenue has been LEED v4 certified for Core & Shell at Platinum level, and is the first project of its kind to receive this certification in Greece. Noval Property is the second largest Greek REIC based on its real estate portfolio value. Noval Property’s real estate portfolio, which is comprised of 42 properties located mainly in Greece and selectively in Bulgaria, consists of office buildings, shopping malls, hotels and industrial buildings with a total built area of c.430,000 sqm. Noval Property is a subsidiary of Viohalco in the real estate industry. Original Source: naftemporiki.gr Adaptation/summary: Kiki Athanasiadis
Ten Brinke purchases Logistics center in Thessaloniki
Despite the pandemic, investment deals in logistics centers are still taking place, among others due to the privatization of Greece's two major ports. Earlier this month, the Dutch company Ten Brinke completed the acquisition of the company Delta 4 which is based in Thessaloniki. Delta 4 does distribution, transit and handling of goods. The company has a building of fire protection specifications Z3, area 22,500 sq.m., with modern office spaces of 1,500 sq.m., located at the entrance of the Industrial Area of ​​Sindos. This is one of the largest such facilities at the port of Thessaloniki. Following the privatization of the port of Thessaloniki, the growth prospects of DELTA 4 appear stronger. "Seagull" has taken over the management of the company since early November. Original Source: Capital.gr Adaptation/Summary: Kiki Athanasiadis
Cretan Investment Group acquired its first hotel amid the pandemic
Cretan Investments Group Hellas acquired its first hotel unit. It purchased the lti AKS Minoa Palace hotel with a total capacity of 119 rooms from the AKS Hotels Group. The hotel will be part of the portfolio of MK Hotel Collection which is the investment arm of the CIG Hellas group in the hospitality sector. Its management team as prepared an investment plan for the renovation and upgrade of the hotel which will start immediately and will be completed in 2 phases: in the first phase, which will last until April 2021, extensive renovation works will be carried out in the public areas, in the main building and in beach, while in the second phase, that will be completed in April 2022, the renovation of the rooms will take place. At the brand level, the hotel will join the Sentido Hotels & Resorts chain and will be renamed Sentido Unique Blue Resort. In terms of architecture and design, the resort will have a refined, boho aesthetic where the wooden element blends harmoniously with the metallic details and earth tones. At the service level, substantial changes will take place providing guests with an upgraded experience of luxury accommodation, high-end services and quality Mediterranean gastronomy. Unique Blue Resort is going to open its doors and welcome the first guests on April 17, 2021. Original Source: Euro2day.gr Adaptation/Summary: Kiki Athanasiadis