BUSINESS

Commercial property focus shifts to offices

NIKOS ROUSSANOGLOU

TAGS: Property

Local real estate investment companies and private investment funds spent 144 million euros on the acquisition of office spaces, stores and hotels in Greece in the first five months of the year.

According to data that the Trastor real estate investment company presented to institutional investors, apart from the acquisition of Lakitira Hotels on the island of Kos by Atlantica Hotels & Resorts, the bulk of the funds invested went to the office sector. In this category there was a total of eight transactions in January-May 2018 that added up to 46 million euros.

Another 22 million euros was invested in stores while 13.1 million euros went to the logistics sector, which concerned NBG Pangaea’s agreement for a complex at Aspropyrgos in western Attica currently under construction.

The picture so far this year is quite different to that of 2017, when stores and hotels stole the show.

Last year just over 555 million euros flowed in for the acquisition of income-oriented properties, of which 235.2 million concerned hotel properties, 223 million was for stores and shopping centers, and just 94.5 million went to office spaces.

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