The listed building was constructed by silk merchant Ioannis Michalopoulos and is a characteristic example of Athenian Belle Époque architecture.

The property comprises 57 serviced apartments in a prime location.

The total price amounted to €77,246,650, corresponding to a premium of 15% on the initial committed investment of GEK TERNA in the project.

The long-term lease agreement for the property concerns the beach and its facilities as they are and are located (as is, where is) for 20 years with the right to extend for an additional 10 years.

The procurement and operation of the bicycles are part of the “Micromobility Enhancement in the Municipality of Nea Smyrni” program.

The asset was sold for a net amount of €3.02 million, after brokerage fees.