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offices Market News: Greek Real Estate Intelligence

Trastor acquires full ownership of the Kronos Business Center in Maroussi, Attica
According to an announcement by the company, it bought a 20% indivisible percentage of the ownership of the building for €2.35 m. The company already owned 80%. As Trastor mentions in the announcement, "the building is at an excellent location. It is a modern three-storey office building, with a total area of 4,736.78 sq.m., and it is fully leased. Original Source: Euro2day.gr Adaptation/Summary: Kiki Athanasiadis
 
Premia acquires property in Peania, Attica
Premia Properties announced the signing of a preliminary agreement with Dimand SA for the acquisition of a property where a biotechnology park will be developed. The property of 23 sq.km, is in Peania, Attica. Currently on the property there are office and warehouse buildings of 4,180 sq.m. which will be reconstructed and reused, while new buildings with a total area of 16,000 sq.m. will be developed. The tenant of the property and the operator of the park will be a joint venture of a Greek and American biotechnology company specialising in the field of cell therapies. As emphasised in the Premia Properties' announcement, the biotechnology park that will be created inside the property is a particularly important investment for the Greek economy, which stands out for its innovation and concerns the development, production, and distribution, for the first time in Greece, of cellular and genetic treatments, which will cover a wide range of serious and life-threatening diseases. The development will last about 2 years. The annualized rental income is projected to rise from the second quarter of 2022 to € 1.5 m and gradually until the completion of the investment, end of 2023, will be € 3.5 m. Original Source: Euro2day.gr Adaptation/Summary: Kiki Athanasiadis    
 
Lamda Development to develop the Vouliagmeni Tower with Brook Lane Capital
Lamda Development and Brooklane capital will buy a plot of land from Elliniko SA and will build a mixed-use tower near the Vouliagmeni metro station. During the tender process for the selection of a co-investor, run by Lamda, Brook Lane was the only investor that submitted a binding offer. In the joint venture to be formed, Brook Lane will hold 70% of the share capital and Lamda Development the rest 30%. The company will buy the plot from Elliniko SA and will then proceed with the construction of the multi-storey tower. The premises will be developed as for offices and hotels. The tower to be developed by the two companies will have a size of 72 thousand sq.m. The total investment is estimated at around €200 m. The works are expected to start in 2023 and to be completed in 2025. Original Source: Euro2day.gr Adaptation/Summary: Kiki Athanasiadis