Trastor enters deal for green logistics center outside of Athens

Real estate investment company (REIT) Trastor has entered an initial agreement to acquire logistics center being built in Aspropirgos, west of Athens, as part of growth plans.

Trastor REIC said it has entered into a binding preliminary share purchase agreement for the acquisition of 100% of the shares of “PILEAS ΚΤIΜΑΤΙΚI SA”, a legal entity owner of a land plot of 39,900 sq.m. in the Aspropyrgos area in Attica, the company said.

"A contemporary logistics center with a total estimated area of 22,000 sq.m shall be developed on this land plot according to international environmental certification standards. The investment will be concluded upon completion of certain conditions precedent, as per the terms of the aforementioned preliminary share purchase agreement," it added.

The total consideration for the acquisition of “PILEAS ΚΤIΜΑΤΙΚI SA” shares shall be based on the net asset value (NAV) of the company at the time of closing and it will be subject to certain price adjustments as per the terms of the aforementioned agreement.

“As more and more companies align with sustainable development principles, Trastor is integrating Environmental, Social and Corporate Governance values in its investment decisions. In this context, our company is leading the adoption of green investment practices in the logistics sector and maintains its commitment to develop the most modern Logistics portfolio in Attica," said Tassos Kazinos, Chief Executive Officer at Trastor.