ICI picks up central Athens building for 5.9 mln euros

ICI picks up central Athens building for 5.9 mln euros

Greek real estate investment company (REIC) Intercontinental International (ICI) has purchased a standalone building in the affluent central Athens district of Kolonaki for 5.9 million euros.

The company, with assets of more than 100 million euros, said the building is located at 13 Tsakalov Street and that it was purchased from Pireaus Real Estate. No further information was provided.

With Greece's real estate market being driven higher by the country's economic recovery, REICs have been aggressively buying commercial property but prices have risen unexpectedly higher, say sector officials.

Low supply levels of prime assets are also pushing prices up after Greece's ten-year crisis resulted in a construction freeze and many commercial real estate assets were poorly maintained.

ICI recently raised 1.1 million euros to fund expansion plans through a covered seven year bond purchased by the Investment Bank of Greece.


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