Sterner Stenhus to acquire 50 pct stake in Pasal

Swedish-owned property investment group Sterner Stenhus, managed by Elias Georgiadis, is expected to serve as the “white knight” for the Theodoridis family’s Pasal Development.

Kathimerini understands Georgiadis has reached an agreement with Pasal’s owners to acquire a stake of around 50 percent of the listed developer through a share capital increase in the coming months.

In this context Sterner Stenhus intends to pay 23 million euros for the completion of the deal.

The Swedish company recently acquired Greek firm JPA SA, which owns a contract for the management of 10 school units in Attica.

It paid 8.8 million euros for that and will now operate those 10 schools itself.