BUSINESS

Court puts Ektasis into administration

TAGS: Business, Property, Justice

Property development and utilization company Ektasis Development has been put into administration by an Athens court, but the company will continue its legal battle through all means available to avert such a situation.

Sources say the court’s decision was based on the failure of the Ektasis defense to make its main statement, tipping the balance in favor of the crediting banks, even though the company claims it paid 272 million euros from 2009 to 2017 to pay off debts and other obligations.

The company was one of the main players in the domestic property market in the previous decade, controlling a portfolio of real estate assets and leasing contracts worth more that 390 million euros.

Today Ektasis has just over 30 properties, most of them plots of land, with an estimated combined value of 110 million euros, and collects rents of 4 million euros per year.

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