Koutalidis Law Firm is proud to have advised the National Bank of Greece S.A. in relation to the issuance of a €71 million bond loan by “GYALOU Emporiki Kai Touristiki Monoprosopi AE”, a wholly owned subsidiary of REDS S.A. and member of the ELLAKTOR Group. 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 S.A. of the former US base in Gournes, Heraklion Crete, via an e-auction conducted by the Hellenic Republic Asset Development Fund (HRADF), where REDS S.A. emerged as the highest bidder with an offer of € 42 million.
The property in Gournes is a seaside area of 345,567 sqm located 13 km from the “Nikos Kazantzakis” International Airport and 16 km from the city of Heraklion. The project for its development dubbed by the press as a “mini-Ellinikon”, includes hotels and shopping centers and is considered as one of the largest investments in Crete expected to have a positive impact on the local, regional, and national economy.
Our team was led by Partner Effie Papoutsi.
