PASAL strengthens its portfolio
with the purchase of a real estate asset in the area of Votanikos
Pasal Development SA announces the purchase of a real estate asset in the Eleonas area (Orfeos Street), thus further strengthening its real estate portfolio. The purchase refers to a land with a total area of 10,800 m² including a 10,600 m2 building, formerly owned by Soulis SA. Pasal purchased the above asset for a total consideration of EUR 8.03 million, following a tender offer (based on the highest bid) carried out by Ethniki Kefalaiou.
Note that the specific asset is located in an area with a promising market outlook, since it is the same area where the new stadium of Panathinaikos Football Club, one of the leading teams in the greek championship, will be built. Pasal initiates its plans in order to complete the investment project within the next 3-year period.
The above purchase is in line with Pasal’s strategic plan for dynamic entrance in developing areas of the domestic real estate market, targeting at the same time significant capital gains.
Mr. Sotiris Theodoridis, Chairman and CEO of Pasal Development, made the following statement about the new purchase: “Pasal creates new standards in the domestic real estate market based upon its competitive advantages, strong asset portfolio and dynamic management team. Our ambition is to see Pasal playing a leading role in the Greek real estate market and implement high added value projects”.
About Pasal Development
Pasal Development is active in the real estate market since 1991. The Company undertakes investments in real estate assets destined for commercial use (stores, big box and shopping centers), warehouse and distribution facilities (logistics), office buildings, and properties intended for residential use as second home. By possessing a strong real estate portfolio valued over € 80 million, the largest part of which relates to commercial assets, Pasal aims at implementing major value added projects.