Pasal Development S.A., announces the acquisition of a property located on Alimou Avenue. The property has a total surface of 3,900 sq.m. and includes a building (former BEM factory) which will be demolished in order to develop a commercial complex of approximately 4,000 sq.m. leasing capacity and an underground parking area for 80 vehicles.
The implementation of related studies has already started and it is estimated that the building will be delivered for use during the first half of 2009.
The extensive facade of the Alimou Avenue property makes it unique in terms of visibility. The difficulty of finding property of this size on Alimou Avenue also adds to the significance of this acquisition.
The property at hand was acquired by Pasal Development for 7.5 million euro(including taxes and expenses), whereas the overall development cost will reach 15.5 million euro.
According to Andreas Kapsalis, General Manager of the company, the policy of Pasal Development is to invest in property intended for commercial use, in warehouses, in distribution centres and in office buildings across Greece. So far, the key development pillar of Pasal?s successful growth rests on the threefold cost-time-quality. The standards underlined by this threefold are integral, not only to the success of each investment, but also to the long-term development of the company, incessantly appreciated for its consistency from design to implementation.