PASAL Development SA has completed the sale of an investment property located in the district of Alimos. The property comprised a building complex of commercial use on Alimou Avenue with a total surface area of 6.600 sq.m and 80 underground parking spaces. The property was recently completed and is leased to the retail chains ENTOS and ELECTRONIKI.
The acquiring company is TRASTOR REIC.
The total sale price was euro 13 mio, in accordance to the last valuation in fair value, and the realized gains amounted to euro 400 k. Since the companys upcoming projects are still under evaluation , the proceeds from this sale will be used to repay short term debt.
The Management of PASAL Development SA states that it will keep in line with its strategy of commercial property development , since despite the poor economic climate, there is a demand for investing in properties of high standards.