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industrial Market News: Greek Real Estate Intelligence

REMU reportedly agreed to sell property of €3m
REMU, the Real Estate Management Unit of the of Bank of Cyprus, reportedly agreed with a group of investors the sale of a large property in Aglantzia worth €3 m. The property with a total area of 3,581 sq.m, is located very close to the Academy Park, on Aglantzias Avenue. The property is divided into two urban zones. Specifically, the 2,112 sq.m. are in a commercial area and have a building factor of 140% and coverage of 50%, which allows the construction of a four-storey building, with a maximum height of 17 meters. The remaining 1,469 sq.m. are in a residential area, with a building factor of 120% and coverage of 50%, which allows the construction of a building with a maximum height of 13.5 meters. Lately there has been mobility in the sales of expensive real estate that Cypriot banks have in their portfolio. Original Source: Philenews.com Adaptation/Summary: Kiki Athanasiadis
PRODEA implemented its first investments using the raised funds of its green bond
More specifically, Prodea acquired 51% (they already owned 49%) of the company Panterra Development and Real Estate, which develops an office building complex on Syggrou Avenue, Lagoumitzis and Evridamantos Streets in Athens. For the construction Panterra adopted the most current international sustainability practices, aiming at the LEED, Gold level certification. Prodea collaborated with Dimand for the development of the band. The complex consists of two autonomous office buildings. The construction is expected to take place in December 2021 (building A) and in May 2022 (building B). The total area will amount to 30.9 thousand sqm. Panterra has signed a notarial preliminary agreement to sell building A to Generali Hellas at a price of €34.8 m. In the logistics sector, the Company completed the acquisition of New Metal Expert, which owns a complex of two commercial warehouses in Aspropyrgos, Attica. The warehouses newly built and they are used as Storage and Distribution Centers. They meet the modern logistics standards, incorporating energy efficient features more than the minimum regulatory requirements. The total area of the warehouse, including the extension of a total area of ​​1,629 sqm, which is estimated to be delivered in November 2021, amounts to 23.8 thousand sqm and are leased to a trusted tenant. The price for the acquisition amounted to € 12.5 million. Lastly, PRODEA proceeded to the total repayment of a bond loan of €56 m regarding the green KARELA office building in Peania, which has been developed in accordance with the principles of sustainable development and is LEED Gold certified. Original Source: Capital.gr Adaptation/Summary: Kiki Athanasiadis
Plaisio buys plot of land with warehouse in Magoula
The management of Plaisio chain invests in warehouses seeing how online sales have picked up during the pandemic. Thus, after investments of €38 m for warehouses and the acquisition of an e-commerce management platform in 2019, it proceeds with the acquisition of a plot of land and a building, which is adjacent to its facilities in Magoula. The new investment, amounting to €2.9 m, concerns the acquisition of a plot of land owned by the company Akritas, with an area of ​​16ooo sqm, with a warhouse  of ​​6,300 sqm. Original Source: News24.gr Adaptation/Summary: Kiki Athanasiadis