Ektasis Development in talks with hedge fund

Hedge fund Spinnaker is in talks to acquire Greek real estate company Ektasis Development, several Greek websites reported Monday.

Ektasis Development, that had filed for protection from creditors in 2009, has since reduced its debt by 150 million euros to 200 million euros, by selling assets, Capital.gr reported. The Greek company currently owns property worth some 120 million euros.

Talks between Ektasis Development and London based Spinnaker are at an advanced stage, Capital.gr added.