Trastor has announced the acquisition of 100% of Excelsior Hotel Enterprises, owner of the famous LABS Tower in Nicosia, Cyprus. The real estate investment company has entered into a binding share purchase agreement through its wholly owned subsidiary, TRASTOR HOLDINGS.

It is noted that the division will re-inform the investment community on the signing of the definitive acquisition agreement. 

ANNOUNCEMENT

Trastor, a real estate investment company, announced today that its wholly owned subsidiary, TRASTOR HOLDINGS SINGLE MEMBER SA, has entered into a binding share purchase agreement to acquire 100% of Excelsior Hotel Enterprises Limited, owner of the renowned LABS Tower in Nicosia, Cyprus.

The landmark mixed-use office and residential property, with a height of 90 meters, 22 floors and 3 underground parking levels, has a total area of 14,102 sq m. The acquisition is subject to the satisfaction of certain conditions set out in the share purchase agreement and the purchase price will be determined based on the net asset value (NAV) of Excelsior Hotel Enterprises Limited at the time of completion of the transaction as set out in the agreement.

Mr. Tasos Kazinos, CEO of Trastor SA, said: "Trastor marks its first geographic expansion since its inception with the acquisition of one of Cyprus' most iconic towers. This significant investment in a steadily growing economy with strong real estate fundamentals diversifies our portfolio and significantly enhances our growth. With the acquisition of this trophy property, with guaranteed income streams for at least the next five years, we reinforce its value growth potential and at the same time the Company achieves its entry into the growing sectors of co-working and serviced luxury apartments, managed by LABS, a world-class platform. This transaction documents Trastor's expertise in underwriting, structuring and executing complex deals in commercial real estate, and we look forward to further deepening our strategic partnership with Globe Invest, the single-family office of Mr. Teddy Sagi, the current owner of the building and the LABS co-working brand."