ECONOMY

Smart Park may be sold to US firm Hines

smart-park-may-be-sold-to-us-firm-hines

Significant deals are brewing in the property sector as market players are trying to fund new investments. The aim is to have new properties developed for the period 2017-20, by which time the majority of sector officials expect financial conditions to have improved considerably, leading to greater returns for those investments.

In that context, the Ellaktor group’s REDS confirmed on Tuesday that it has started negotiations with US investment group Hines. Sources say that REDS intends to sell part or all of Smart Park at Spata, eastern Attica. The funds to come from that move would finance the investment REDS is planning at Kantza, close to Pallini.

The Kamba Estate at Kantza will host the biggest commercial development in recent years in Greece, costing over 200 million euros, with a completion target of 2018. It will include commercial and entertainment spaces, as well as offices and food services.

Hines is also considering taking a stake in the Trastor property investment company and buying out the Porto Karras hotel complex, but has not yet reached any conclusion.

Trastor, currently controlled by Piraeus Bank, is still looking for an investor, and to this end has hired Deloitte as a consultant.