Trastor Real Estate Investment Company

Offices, stores, industrial plants and even plots of land worth millions of euros form part of the property portfolios banks have obtained through streamlining agreements with overindebted corporations in the real estate sector as well as many others. The banks now intend to put them on the market in the next few months.

Local real estate investment companies and private investment funds spent 144 million euros on the acquisition of office spaces, stores and hotels in Greece in the first five months of the year.

Athens-listed Trastor Real Estate Investment Company reported in a bourse filing on Thursday that it had won the tender for the acquisition of a store on Ermou Street in central Athens covering 109.12 square meters.

The price Trastor agreed to pay amounts to 2.56 million euros.

[Reuters]

Commercial property experts see the recent deal between Lamda Development and Varde Partners as confirmation of estimates that shopping centers would become a target for investors from both Greece and abroad, the reson being the considerable resistance malls have shown in the face of pressure from the economic crisis.