The purchase announced by Pasal, amounting to €38 m, more than doubles the value of its real estate. This is the first major investment after the purchase of the majority of shares by the Greek-Swedish businessman Elias Georgiadis.
The company proceeded with the acquisition after a survey of the domestic real estate market that took place in recent months. The company is expected to proceed with new purchases which will be financed with a new share capital increase in addition to the possibility of absorbing real estate that already belongs to the main shareholder of Pasal.
According to the announcement, PASAL signed a preliminary agreement with the payment of the engagement amount of €1.5 m for the purchase of the 3 real estate logistic centres and warehouses located in Aspropyrgos, Attica.
The properties fully leased to various tenants with a total built area (GLA) of 62,500 sq m.
The transaction will be completed by the end of 2020 in conjunction with a Share Capital Increase of the Company and will be financed with Equity and bank lending (which is already approved).
The acquisition is made in the context of the implementation of an investment plan which provides for the addition to the portfolio of the Company of high quality real estate with long-term leases.
The logistics sector is a strategic choice of PASAL and intends to continue investing in this sector.
Original Source: Euro2day
Adaptation/Summary: Kiki Athanasiadis