BUSINESS

Pangaea plans for a new hotel and a modern office building

NIKOS ROUSSANOGLOU

TAGS: Property, Tourism

NBG Pangaea is considering the development of a new hotel on Syngrou Avenue, near the center of Athens, as well as a modern office building close to the Onassis Cultural Center, continuing its significant investment program.

In mid-May the real estate investment company signed provisional contracts for the acquisition of the old office building on Syngrou. This is a complex with a total floor area of 5,300 square meters, whose cost will come to 5.87 million euros, with a 1.17-million-euro down payment already made.

Sources say that thanks to the excellent location of the asset, Pangaea is considering refurbishing the building and offering it for operation it as a hotel, although no definitive decision has been made yet.

The Athens-listed corporation is also involved in another important investment move in cooperation with Dimand Real Estate, which concerns the utilization of two assets it expects to acquire from Bank of Cyprus in the coming weeks.

They are two adjacent properties on Lagoumitzi Street (just off Syngrou) which formed part of the portfolio of 21 assets that Pangaea agreed to buy from BoC last November, for a total of 150 million euros.

Its plans provide for the demolition of the buildings and the construction of a single office block.

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