ECONOMY

Grivalia deal over ex-Papastratos unit

Grivalia deal over ex-Papastratos unit

Grivalia Properties’ investment program continues even though the real estate investment company is about to be absorbed by the Eurobank Group and cease operating as a REIC.

The listed company announced it has reached an agreement with property development firm Dimand Real Estate for the third stage of the latter’s investment (worth over 100 million euros) in the makeover of the former Papastratos facilities in Piraeus.

Grivalia also participated in the first two stages of the former tobacco factory’s makeover, and will now take part in the third even though there had been considerable interest from other investors.

Grivalia will invest 5.04 million euros to obtain another 49 percent stake in Piraeus Port Plaza 3, the company that owns the former Papastratos plant.

It has already agreed to acquire 51 percent of that firm from Dimand as soon as construction of 51 percent of the property is completed.

The property will be transformed into a top-standard complex of offices, stores and parking spaces.