January 25 (SeeNews) - Greek real estate developer Reds, part of Ellaktor Group, said that its shareholders decided to sell a property in Bucharest to Vastint for 11.4 million euro ($13.8 million).
Reds authorised its board of directors to take all necessary measures to complete the transaction for the sale of the 7,974 sq m building located in Bucharest, it said on Friday in a statement filed with Athens Stock Exchange.
You can subscribe to our M&A newsletter here
Located in the Splaiul Unirii area, the building is operated by local company Profit Construct, which is part of the transaction.
In 2015, the company announced that it plans to invest 80 million euro in the area to develop a mixed-use project which would include a hotel, office buildings , retail spaces and apartments.
Reds is active on the real estate markets in Greece and Romania with medium and large-scale retail and entertainment, office, mixed use, exhibition and conference and residential projects.It is part of Ellaktor, an international holding group based in Greece with long-term investments in key fields, including construction, environment and participation in concession projects.
Vastint Romania is part of the Vastint Group, an international real estate organisation. Vastint has been active on the Romanian market since 2008.
($= 0.8214 euro)