Trastor cashes in chips on Athens, Crete properties

Real estate investment company Trastor has sold two properties from its portfolio in Crete and Athens, booking significant gains in the assets.

Trastor said that it completed the sale of a high-street retail property in Chania, Crete, located at the junction of Skalidi Str. & Manousogianakidon Str. with total surface area of 700 sqm., for a total of 1.8 million euros.

The property was acquired in April 2018 for 1.3 million euros.

“This sale is aligned with the investment targets of the company and the maturity cycle of its investment assets, providing medium-term significant capital gains to its shareholders. At the same time, the company continues the implementation of its value-add investment strategy targeting further growth,” it said in a statement.

Last month, Trastor also announced the sale of a bank branch in Chalandri, northern Athens, located at 28 Andrea Papandreou Str., with total surface area of 320.43 sqm., for 1.075 million euros. The property was acquired in August 2017 for 780,000 euros, the company added.