Grivalia Properties has purchased a 49 percent stake in the Piraeus Port Plaza 2 (PPP2) for 3.62 million euros, expanding its presence in the Piraeus area, it said in a statement.
PPP2 owns a property in Piraeus which was former part of the “Papastratos” facilities and is adjacent to the recently completed building owned by PPP1, a company already 100% controlled by Grivalia.
"The investment is a joint venture for the partial re-development of the existing facilities as well as the construction of a new office building. The existing asset will be converted and upgraded from a former industrial facility into a modern, energy-efficient office complex in line with international sustainability standards with total areas of 26,755 sqm," the statement said.
The asset will be leased to a multinational company with strong presence in Greece, it added.
Grivalia has already agreed to acquire the remaining 51 percent of PPP2 following the completion of the asset’s redevelopment and its delivery to tenant.