PIRAEUS REAL ESTATE INVESTMENT S.A. announced today that its Extraordinary Shareholders' General Meeting of 2 November 2005 approved the purchase of the commercial center "KOSMOPOLIS" (total area: 11,232.49m2) from the company Housing Development S.A. for the amount of EUR 16 million. The said purchase is carried out within the obligation of the company to utilize raised funds and will be implemented in two stages.