Reds, a subsidiary of Ellaktor, purchased a real estate portfolio, in order to generate revenue.
More specifically, Reds is purchasing Athens Properties BV, owner of 10 properties, independent buildings in prime locations in the center of Athens, as noted by the company’s management.
Athens Properties BV is owned by Ellaktor’s Dutch major shareholder, Henry Holterman (he holds, through Reggeborgh Invest, 48.1% of its share capital, while 29.8% belongs to Motor Oil).
Therefore, in order to carry out the transaction, a decision was taken to grant a license pursuant to art. 99 par. 1 and 100 par. 3 of the law. 4548/2018, for the conclusion by Ellaktor of the relevant share purchase and sale agreement with related parties.
Negotiations
According to sources, negotiations are underway for the purchase of other properties as Reds, after the sale of Smart Park to Trade Estate REIC, has been left without income, promoting investments of 350 million euros (Cambas Project, property in Gournes, Heraklion and the redevelopment of Marina Alimos).
Reds will secure the amount for the purchase of Athens Properties BV by issuing a joint bond loan secured in real estate, amounting to 65 million, which will be fully covered by Ellaktor.
