Pangaea enters warehouse business, spends 13 mln euros

Real estate investment company Pangaea, majority owned by Britain's Invel, has broadened its investments, acquiring three warehouses for 13.1 million euros, according to the company.

Pangaea signed an initial agreement to acquire the warehouses being built in the area of Aspropirgos west of Athens.

The total area covered will be 27,200 square meters and tenants have signed lease agreements for each warehouse whose construction will be completed in 2018.

"Greece's favorable geographic position makes it a hub for the transportation of goods between three continents and the sector of commercial storage is taking on growing importance for our country,' said Pangaea Chief executive Aristotelis Karytinos in a statement.