REDS, a subsidiary of the Group ELAKTORcompleted the acquisition of Athens Properties BV, a dynamically growing luxury company real estatemixed use, in the center of Athens.
The acquisition of Hestia Luxury Apartments, a subsidiary of Athens Properties BV, which is the management company of these properties, marks the beginning of a new strategic chapter for ELLAKTOR’s subsidiary, REDS. The company is dynamically entering the sector of tourist property management and accommodation services, with prospects for further development and new investment initiatives in this sector.
Hestia Luxury Apartments manages a portfolio of 10 fully renovated buildings in prime locations in the center of Athens. Aiming at impeccable hospitality, these apartments are aimed at both business travelers and families, providing an authentic accommodation experience in the urban environment of Athens.
This business move strengthens the company’s strategic positioning in the accommodation sector, following the recent contract for the 25-year lease of the hotel property on Kifisias Avenue (formerly Civitel), owned by the Hellenic Olympic Committee.
The renovation of the hotel unit aims to reposition the property in the market, taking advantage of its strategic location near shopping centers, business complexes, the Helexpo exhibition center and major hospital units. At the same time, it covers the increased demand for accommodation with easy access to Athens International Airport.
The goal of REDS, through these business moves, is to offer innovative and high-quality services that meet the modern needs of the tourist market.
At the same time, the company is advancing its investment project in the pillar of Real Estate Development with the Cambas Project, Marina Alimos and Gournes Heraklion. The redevelopment of Alimos Marina is now in the final phase of the required permits and awaiting building permits for the start of its redevelopment projects and its final configuration into a complete tourist investment.
With these moves, REDS confirms its strategic role as a leading property development and management company in Greece. The strategic diversification and expansion of its portfolio in tourism highlights its commitment to exploiting the opportunities offered by the sector, while at the same time strengthening its contribution to the national economy, society and the country’s tourism product.