Is it a good time for property development in Athens? Trastor thinks so

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Trastor buys land in northern Athens for 3 mln euros

Real estate investment company (REIC) Trastor acquired a land plot in the northern Athens suburb of Marousi for 3 million euros as part of its expansion efforts.

Trastor, majority owned by Varde Partners, said that the land plot stretches over 1,718.80 sq.m and was purchased for 3,015,700 euros.

"We are particularly pleased for our successful participation in an auction process for the acquisition of the above mentioned property in Paradeisos, Marousi. This acquisition signals the expansion of our investment activities in the area of property development while continuing our strategy of securing significant value upside for our shareholders," said Tassos Kazinos, Chief Executive Officer of Trastor R.E.I.C.

"At the same time, with this investment we are taking a significant step towards building a portfolio which will comply with ESG principles and participate in the national effort for a responsible and sustainable development," he added.

At the end of last year, the company owned 65 real estate assets with a gross asset value of 302 million euros.