Koutalidis has advised the National Bank of Greece on the issuance of a EUR 71 million bond loan by Reds subsidiary Gyalou Emporiki Kai Touristiki Monoprosopi for the purchase of the former US base in Gournes, Crete. Karatzas & Partners advised Reds.
Gyalou Emporiki Kai Touristiki Monoprosopi is a wholly-owned subsidiary of Reds and a member of the Ellaktor Group. The property in Gournes is a seaside area of 345,567 square meters located 13 kilometers from the Nikos Kazantzakis International Airport and 16 kilometers from the city of Heraklion. The company aims to use the land for tourism and commercial development.
According to Koutalidis, “the loan was used for the refinancing of debt related to the operation of the Smart Park, the largest outdoor shopping mall in Greece, and the purchase by Reds of the former US base in Gournes, Heraklion Crete, via an e-auction conducted by the Hellenic Republic Asset Development Fund, where Reds emerged as the highest bidder with an offer of EUR 42 million.”
The Koutalidis team was led by Partner Effie Papoutsi.
The Karatzas & Partners team included Partner Nikos Fragos, Associates Evanthia Dimou and Pantelis Zalokostas, and Trainee Lawyers Tina Sofianou and Eleni-Amalia Giannakopoulou.
