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retail-shopping-centers Market News: Spanish Real Estate Intelligence

Hines gets approval to build the new Leroy-Merlin store in Athens

The ministry of culture has approved the development of the new Leroy-Merlin building, on Kifissou Avenue, in Athens.

The development needed the approval of the Ministry of Culture because the property next to it, the Lanara-Kyritsi Cotton Mill building which
has been designated as a monument.

This property was originally intended to turn into the Academy Gardens Mall by Blackrock. After many years of red-tape, when the project was finally licensed, it was deemed unprofitable as the financial environment in Greece had dramatically changed after the long financial crisis.

The Ministry's approval includes very detailed architectural requirements as well as technical requirements in order for the building under development to be adapted to what the Ministry considers to be major for the neighbouring monument.

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.

NBG Pangaea buys portfolio of 121 RE assets in Cyprus

The agreement was completed with the Bank of Cyprus. Pangaea purchased the 100% of the management shares and 88.2% of the investment shares of CYREIT Variable Investment Company PLC.

The temporary consideration for the transaction was set at €137.9 m. euros, of which €3.2 m will be paid out gradually.

The consideration is expected to be finalized by an independent auditor, and any readjustment may be paid by July 31.

Regarding the purchase of two adjacent commercial real estate assets in Athens, one of which has a total surface of 6.9 thousand sqm and is located on Syngrou & Lagoumtzi Avenue and the second is a total area of ​​approximately 2 km2 and is located on the streets Eyridamantos and Lagoumtzi, the parties agreed to sign the final purchase agreement until 30 July 2019 at a price of € 10 million. The agreement will be signed by the Bank of Cyprus Panterra RE Company.

CYREIT owns, through its subsidiaries, 21 commercial properties including offices, retail, hotels, in Nicosia, Limassol, Larnaca and Paphos. It was set up by the Bank of Cyprus as a vehicle for the sale of properties acquired by the lender through arrangements for NPLs.