offices Market News: Greek Real Estate Intelligence

PRODEA Investments sold a portfolio of 18 properties, offices and stores in Greece. The total sale price amounted to €134.2 m, while the fair value, based on an estimate made by independent appraisers, amounted to €129.2 m. Prodea CEO Aris Karytinos said: "The price tag for this portfolio shows that, despite the temporary, we believe, difficulties posed by the pandemic, properties with significant investment characteristics such as those in the Prodea portfolio remain of undiminished interest. Prodea is working with the acquiring company on an expanded strategic cooperation framework, the terms of which have not yet been finalized, with the aim of further promoting our business aspirations". Original Source: naftemporiki.gr Adaptation/Summary: Kiki Athanasiadis

APS Cyprus, the debt acquiring company who manages the Real Estate properties of Hellenic Bank has reached deals with buyers for the sale of multiple properties. More specifically, APS in Cyprus sold an office building with retail shop spaces in its ground floor, in ​​Agios Nikolaos, Larnaca. It is a five-storey building with covered areas of 765 sq.m. and uncovered spaces of 60 sq.m. and it was sold for more than €2 m. The multi-storey building was built in 2008 and consists of a store on the ground floor (133 sq.m. and a mezzanine of 79 sq.m.) and six floors of office spaces. The basement, about 295 sq.m. is leased to the Civil Defense. APS has also reached a deal for the sale of the commercial property known as the Iacovides Tower, which is located in a privileged location, in the center of Nicosia. The building, for which an agreement has been secured with an investor, is located on Griva Digeni Avenue. It is mainly an office space with covered areas of 7,300 sq.m., which consists of six floors and two basements of 2,800 sq.m. used as parking lots. The ground floor is 960 sq.m. used as a restaurant and wedding venue, with supportive uses on the mezzanine floor of 455 sq.m. The other six floors consist of office space currently rented in large corporate / government departments. On top of that, APS has reached an agreement for the sale of a showroom, in the industrial area of ​​Latsia, at the entrance of Nicosia. This is a property with a total covered area of ​​3,984 sq.m. on a plot of 2,772 sq.m. Specifically, the basement has an area of ​​1,920 sq.m., while the ground floor and the first floor of the building occupy 2,064 sq.m. The basement consists of a large open-air laboratory, repair room, offices, reception, storage areas and staff kitchen. On the ground floor and the first floor there is an open space consisting of a customer service area, a showroom, a reception, offices, a meeting room and other facilities. The building is leased. APS has also reached an agreements for the sale of a commercial building in Limassol: The building is located in the area of ​​Katholiki. APS has has accepted an offer. Until recently the builging's reserved price was €2.2 m. It is a three-storey building, which is currently used as office space and has been renovated in 2016. The property has covered areas of 775 sq.m. and it is located about 2 km south of the Limassol - Paphos highway and about 1.8 km from the Limassol Marina and the old port. The building is currently leased to four different companies. Lastly, there has been an agreement with a buyer for a building and storage space in Agios Athanasios. It is a building on land of 8,482 sq.m. and covered areas 8,360 sq.m. and warehouse on land 1,508 sq.m. and covered areas 756 sq.m. The two properties are located in the Industrial Area of ​​Agios Athanasios and are leased by the state. Original Sources: reporter.com.cy and philenews.com  Adaptation/Summary: Kiki Athanasiadis