Grivalia Properties REIC on Tuesday announced the completion of the acquisition of 80 pct of Nafsika S.A. by Luxembourg-based Grivalia Hospitality S.A. in implementation of a pre-agreement signed in 20.02.2017 and amended in 31.07.2017.

The company holds the long-term lease of the Asteria property in Glyfada, owned by the state asset management company ETAD, until 31.12.2081. The renowned "Asteria" Hotel, which used to operate within the property, is planned to be fully upgraded into an ultra-luxury urban resort run by an internationally acclaimed hotel operator. F&B and retail services will continue to be offered as part of the overall facilities.

Grivalia Hospitality, the investment arm of Grivalia Properties focusing on hospitality assets, has been deploying its funds on targeted acquisitions mainly in Greece, aiming to maximise value for its shareholders, its people and local communities.