Avax Development and Dimand acquire 70% of 3V

29 September 2021

The company 3V S.A. has in Neo Faliro, next to the G. Karaiskakis Stadium, a plot of 18,730 sq.m. with a building permit for the construction of a building complex of 57,450 sq.m. More than 100 million euros in the next three years the total amount of investment.
AVAX Development S.A., a subsidiary of the AVAX group, and Dimand S.A. have reached an agreement to acquire a 15% and 55% stake in 3V S.A., respectively, within the next twelve months, with the total amount of the investment in the property expected to exceed EUR 100 million over the next three years.

The company 3V S.A. has in Neo Faliro, next to the G. Karaiskakis Stadium and in the wider area of ​​the Innovation Center auctioned through PPP, a plot of land of 18,730 sq.m. with a building permit for the construction of a building complex of 57,450 sq.m.

Constantinos Hassabis, Managing Director of AVAX Development said: “We are very happy with our new investment and our cooperation with Dimand. We believe in the development of the wider area and the prospects of this unique property “. Dimitris Andriopoulos, CEO of Dimand said: “This new investment is part of our strategic position in the Municipality of Piraeus, the development prospects of which we believe and support, as well as the achievement of mutually beneficial partnerships with strong partners.”

For his part, Nikos Dimtsas, Chief Investment Officer of Dimand added that “the total amount of investment in the property is expected to exceed 100 million euros in the next 3 years and we look forward to the participation of the EBRD, the company’s institutional partner.” It is noted that the two companies have already proceeded with the implementation of the investment by paying the first installment provided by the framework of the agreement.