offices Market News: Spanish Real Estate Intelligence

The Company, with this sale, recorded significant profits of € 669,723, ie 33.8% of the acquisition cost shown in the Investment Statement.

Trastor announced the sale of its 6th floor horizontal property, as well as 17 underground parking spaces in an office / store building at the intersection of Kifissias Ave., Alexandra Ave. and 4 Theofanous Ave. in Athens. The sale price amounted to € 2,650,000.

The Company, with this sale, recorded significant profits of € 669,723, ie 33.8% of the acquisition cost shown in the Investment Statement. Based on the valuation of the property as at 30.06.2019, the Company in the current period will record profits of € 302,000.

Dromeus Capital Group through its fund, Greco, acquired the flagship building Maroussi Plaza, which houses the Deloitte headquarters. The building was remodeled in 2007.

The building consists of a total area of ​​16,277 square meters, of which approximately 10,000sqm are over the ground level. In addition to Deloitte, the building also has a range of high-end food and beverage retailers. According to sources, the total transaction price exceeded 30m euros.

The fund has also bought the building that houses Astra Zeneca in Maroussi in a 6m deal a week ago.  Within the next few days another acquisition is expected to be completed, the one of five properties by Bain Capital. Among those is the property on 6, Othonos str, in Syntagma square, which houses McKinsey, Bloomberg and EBRD.

Greco Fund manages over € 500 million of investment funds, mainly from foreign institutional investors. According to reports, the fund's investment strategy is to buy and manage high quality professional real estate with the aim of achieving high returns for its investors.

In March 2018 it made its debut in the Greek market in a National Leasing Bidding and thus acquired two buildings, one of which houses Wind and National Brokerage offices, for a total amount of € 25.95 million.