The Canadian investment group Mercan is seeking new investment opportunities in Greece, as pre-sales of the 408 apartments in its residential project in Piraeus (Keranis Residences) are expected to be completed by the end of the year.
The project involves the transformation of the historic building of the former tobacco factory into a modern mixed-use complex, a project expected to be completed in the spring of 2028.
This is the fund’s second project in Greece, as Mercan Capital has already begun operations with the renovation of the Corfu Acharavi Hotel in Corfu.
At a company event yesterday marking the start of construction, Jerry Morgan, chairman of the Canadian Mercan Group, stated that “what we’re really looking for is more growth opportunities in Greece. We like the investment environment here and look forward to expanding and developing both our investment and our business plan here, so that we can participate more actively in development opportunities.”
Pre-sales
Meanwhile, pre-sales are on track.
According to company data, prices for 40- to 90-square-meter apartments in the project range from €250,000 to €486,000.
Sources report that the apartments on the first two floors (ground floor and first floor) have been sold, while it is estimated that the remaining apartments in the project will be sold by the end of the year.
The complex will have a total area of 29,900 square meters, with 6 floors, and will feature 408 fully furnished residences, with energy efficiency at its core, offering a variety of open-plan studios to one- and two-bedroom apartments.
The project is being developed on the site of the former Keranis tobacco factory at 37-39 Athinon Avenue, serving as a prime example of the adaptive reuse of industrial stock for contemporary functions.