Gyalou Emporiki Kai Touristiki Monoprosopi’s Bond Issuance Koutalidis Law Firm advised the National Bank of Greece on the issuance of a €71 million bond by Gyalou S.A., a subsidiary of Reds and member of the Ellaktor Group. The loan was used for the refinancing of the issuer’s debt related to the operation of the Smart Park, the largest outdoor shopping mall in Greece, and the purchase by Reds of the former US base in Gournes, Heraklion Crete, via an e-auction conducted by the Hellenic Republic Asset Development Fund. Reds emerged as the highest bidder with an offer of €42 million and acquired the property, which comprises a seaside area of 345,567 sq.m., is located 13km from the Nikos Kazantzakis International Airport and 16 km from the city of Heraklion. The company has stated its intention to use the land for tourism and commercial development. Koutalidis advised the National Bank of Greece with a team led by partner Effie Papoutsi. ABOUT THE DEAL 86 LAWYER MONTHLY APRIL 2023
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