An investment worth a total of 215 million euros for the development of 2,000 flexible living housing units in Athens is underway by Invel Real Estate and Prodea Investments.
The project involves residential complexes that are leased under flexible terms and target corporate executives, international workers and digital nomads. The flexible living model has already been developed in several major European cities, meeting demand for fully equipped homes with management services and greater flexibility in rental duration.
Investments completed to date amount to 119 million euros. Five buildings with 148 residences are already operational, while four additional buildings have been acquired and are under development, bringing the portfolio to 740 residences. Upon the completion of the acquisition of another property, currently in the final stages, the total will rise to 1,060 units.
Eudora Fund 2
The joint venture created to develop the specialised flexible living platform in Greece is owned 70% by Invel Real Estate and 30% by Prodea Investments. Invel is the main shareholder of Prodea.
The investment is part of the new Eudora Fund 2, which secured total commitments of 400 million euros versus an initial target of 300 million euros. According to the company, combined with debt financing and co-investment capital, the fund’s total investment capacity will exceed 1 billion.
Eudora Fund 2 focuses on Southeast Europe, with Greece and Italy as key markets. It operates across the full capital structure, including liquidity solutions, recapitalisations, investments in single assets, portfolios and companies.
According to Invel Managing Partner & Founder Christoforos Papachristophorou, the oversubscription of the fund reflects investor confidence in the company’s strategy and its ability to identify off-market investment opportunities.
Investors in the fund come from Greece, the rest of Europe, the Middle East and North America, including fund managers, financial institutions, family offices, foundations and pension funds.
Around 60% of the fund’s capital has already been allocated to ten investments in Greece and Italy across residential, hospitality, logistics and structured financing.
These include the development of the flexible living platform, a partnership with YellowSquare to create a hybrid hospitality platform (glostels) targeting more than 5,000 beds in Southern Europe, as well as 111.2 million euros in financing for the redevelopment of the historic Hotel Majestic on Via Veneto in Rome into the Baccarat Hotel Rome.
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