A Memorandum of Understanding for exploring cooperation to develop part of the “Kerameia Allatini” property in Thessaloniki was signed by AVAS Group and STANTA Single Member Real Estate Management Company, owner of the iconic property.
The cooperation concerns the development of a residential tower with total construction up to 29,800 square meters, using the land exchange method. Under the Memorandum, AVAS will have an exclusivity period of three (3) months to proceed with the necessary technical studies and other evaluations for the project’s implementation.
STANTA’s Chairman and CEO, Stavros Andreadis, stated: “I am very happy because through our cooperation with a Group of the prestige and experience that AVAS Group has, the implementation phase of a dream of mine begins: creating the first skyscraper in Thessaloniki. Combined with the creation of the municipal park and the restoration of the pottery’s preserved buildings, which STANTA will undertake, an iconic intervention and landmark is being created in my beloved city. I want to warmly thank Mr. Christos Ioannou and all his excellent team for our cooperation so far.”
AVAS Group’s Chairman of the Board of Directors, Christos Ioannou, stated: “This agreement is part of AVAS Group’s strategy to strengthen its presence in the real estate sector. We are particularly pleased with our cooperation with STANTA and Mr. Stavros Andreadis, a prominent figure in Greek business, and we look forward to the successful completion of the necessary evaluations, which will enable the development of an iconic project for the city of Thessaloniki. Indeed, combined with the two large infrastructure projects under construction, the ISN Pediatric Hospital and the elevated Flyover highway, our group’s steady strategic presence in Thessaloniki is confirmed.”
