Our firm proudly acted as legal advisor to REDS S.A., a subsidiary of the ELLAKTOR GROUP, in connection with the issuance of a secured bond loan of up to EUR 71 million by its 100% subsidiary GYALOU EMPORIKI KAI TOURISTIKI MONOPROSOPI A.E., for the purchase of the land in Gournes, Heraklion, Crete from the Hellenic Republic Asset Development Fund (HRADF / ΤΑΙΠΕΔ).
The acquisition and development of the Gournes seaside property, former US base, which covers an area of 345,567 square meters, is one of the largest and most significant investments, which is planned to be completed by REDS S.A. together with international and domestic investors within the next five years. This project paves the way for the remarkable tourist and commercial development in Crete expecting to generate enormous benefits to the local society and the Greek economy in general.
Our team was led by our Partner Nikos Fragos, assisted by our Associate, Evanthia (Evi) Dimou and our Trainee Lawyers Tina Sofianou and Eleni-Amalia Giannakopoulou. Real estate issues were handled by our Associate Pantelis Zalokostas.