By T. Igoumenidi
A consortium comprised of National Pangaea, Dimand and the European Bank for Reconstruction and Development (EBRD) will reportedly acquire a 99-year concession for a half-finished high-rise office tower in the center of Piraeus, the country’s shipping hub.
The 28,000-square-foot tower has been left unfinished and unexploited since 1973.
National Pangea, National Bank of Greece’s (NBG) one-time fully owned subsidiary, and Dimand are both Athens-based asset holding and property development companies.
The investment is estimated at around 50 million euros, with completion of construction of the tower’s interior now considered as imperative to keeping the structure properly maintained.