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Transaction / Assets Office builgingsSeller Bank of CyprusBuyer PANTERRA€ MM
Athens: Prodea Investments acquired commercial properties for € 10 million.
PRODEA Investments (former NBG Pangaea REIC) announced that the transaction for the acquisition of two commercial properties in Athens between the company “PANTERRA” (buyer) and Bank of Cyprus Public Company (seller) has been completed .
According to a press release, PRODEA holds 49% of PANTERRA while STIVALEOUS HOLDINGS LIMITED (of Dimand SA Group) holds 51%.
The two properties are located next to each other. The first property, (6,900 sqm), is located on Syggrou & Lagoumitzi Avenue. The second property (2,000 sqm) is located on Evridamantos and Lagoumitzi streets. The cost of the acquisition amounted to € 10 million.
The properties are located on a plot of 4,704,61 sqm. in an area close to the center of Athens and with excellent accessibility. The two buildings will be demolished and in their place they will build a building or buildings of modern standards based on the principles of sustainable development, with an estimated total area of over 24,000 sq.m.
Following the completion of the development and lease of the property, PRODEA has agreed to acquire the remaining 51% of PANTERRA. PRODEA’s total investment is expected to reach € 36-40 million.