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residential Market News: Greek Real Estate Intelligence

Noval Property acquired the former Kodak property
Noval Property announced that through the company The Grid SA, which is owned half by Noval Property and half by Brook Lane Capital, acquired through a bidding process a plot of land of approximately 16 sq km, on the former Kodak property, in Maroussi. A modern complex of green office buildings with a total built-up area of approximately 49,000 sq.m. is to be developed on this plot which will adopt the principles of sustainable development and bioclimatic design and is expected to receive LEED certification. The transaction price amounted to €28.6 m and was financed through a combination of bank loans and equity. The financing funds, according to the part corresponding to Noval Property, for the construction of the project will be raised from the Green Common Bond Loan of Noval Property, which was admitted for trading on December 7, 2021 in the Fixed Income Class of the Regulated Buying Market. Original Source: Capital.gr Adaptation/Summary: Kiki Athanasiadis
 
Premia Properties acquired residential property at €10.2 m
Premia Properties proceeded to the signing of a preliminary agreement for the acquisition of an independent property of serviced apartments located in Piraeus (Agios Dionysios area). The property consists of 58 fully equipped apartments, with a total area of 3,600 sq.m. and is leased to a well-known international company through a long-term lease which expires in 2034. The value of the transaction will amount to € 10.2 m. The transaction is the first of a series of intended transactions in the framework of a relevant strategic framework. Original Source: Capital.gr Adaptation/Summaty: Kiki Athanasiadis
 
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