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real-estate-transactions Market News: Spanish Real Estate Intelligence

Coronavirus threatens the deal for the Porto Carras resort sale

Coronavirus threatens the deal for the Porto Carras resort sale

The businessman Ivan Savvides (Belterra Investment) is looking to renegotiate with Techniki Olympiaki the terms of the Porto Carras deal. The two sides are in an exclusive discussions period for the sale of the resort. The buyer asks for a price reduction as well as the change of the payment terms due to the strong impact of the pandemic on tourism. It remains to be seen whether Techniki Olympiaki will accept the request or the exclusive discussion period will be interrupted. Porto Carras is valued at €394.5 m. The hotel complex is located on 17,630 acres in Sithonia and includes Villa Galini, the five-star Meliton and Sithonia hotels, and Village Inn. The hotel complex has the largest private marina in Northern Greece, one of the largest in the Balkans, an 18-hole golf course and a conference center. Original Source: Euro2day Adaptation/Translation: Kiki Athanasiadis  
 
Trastor REIC is entering a leasing agreement for the acquisition of office building in Athens

Trastor REIC is entering a leasing agreement for the acquisition of office building in Athens

Trastor REIC, further to the announcement made on late October about being the preferred bidder in a public bidding process, entered into a leasing agreement with Ethniki Leasing S.A. for the amount of 25,000,000 Euro. The property is a multi-storey office building, located at 80 Michalakopoulou and Papadiamantopoulou street in Athens, with a total surface area of 14,957 sq.m. The building had previously housed the Ministry of Development and Lambrakis Press S.A. Original Source: Euro2day Adaptation/Translation: Kiki Athanasiadis
 
Eurobank acquired 4 hypermarkets at €117,06 m

Eurobank acquired 4 hypermarkets at €117,06 m

Eurobank announced the acquisition of four properties, two hypermarkets in Athens and two in Thessaloniki, following a binding notarial agreement signed and announced a year ago by Grivalia Properties REIC. The properties have a total area of ​​ approximately 90,000 sqm and consist of main and underground auxiliary spaces. They are fully leased to the Sklavenitis Group. The price of the acquisition is €117.06 m, and, under the agreement, an additional payment of €2.1 m will be paid after a specific deadline and subject to specific conditions. The return on investment is close to 9%. Following its merger with Grivalia Properties, Eurobank owns over €2.1 bn worth of real estate portfolio and aims to optimally manage and develop it, obtaining the required expertise and experience through partnership with Grivalia Management. Original Source: Capital Adaptation/Translation: Kiki Athanasiadis
 
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