The Canadian government sold its former embassy building in Athens. The 15,000 sqare-foot building, 2 miles from the Acropolis, was sold for 4 mln euros to a subsidiary of Turkish conglomerate Dogus Holding and is to be used by one of its subsidiaries, the MK Mykonos Hotel Company SA.

The price was a bargain bearing in mind the state of the Greek commercial real-estate market that is all but dormant. Canada has sold buildings at other EU cities for much better prices, such as Canada’s sale of its former London embassy building for 530 mln Canadian dollars in late 2013. Greece, however, is a different case bearing in mind the fact that the market is all but stagnant.

Canadian officials feel that with nothing moving in Greece, they were amazed they managed to sell at all. The building at 4 Ioannou Gennadiou Street was sold because it did not meet the “security standards” required and a more appropriate building was necessary.