Grivalia Properties acquired a 50 pct stake in Piraeus Port Plaza 1 SA

Grivalia Properties acquired a 50 pct stake in Piraeus Port Plaza 1 SA for 1,625,000 euros.

The company owns a real estate property that will be reconstructed and will be ready for use in 2017. The property is located near the port of Piraeus and it is part of Papastratos’ older facilities. The property will be upgraded to a commercal use building based on modern standards and sustainable building principles safeguarding maximum energy and environment performance. It will cover an area of around 10,500 sq.m. with parking space of around 4,600 sq.m. The property will be leased to large multinational organizations, while Grivalia has agreed to buy the remaining 50 pct of the company.

It is the first joint venture investment for Grivalia Properties. The project will have a budget of around 14 million euros and will significantly contribute in upgrading the wider regions, creating a significant number of job positions and will become a pole of attracting similar investments.

The purchase was funded with capital raised during a share capital increase plan by Grivalia, in 2014.