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alternative Assets News: Spanish Real Estate Intelligence

EBRD-Dimand-Prodea joint venture pronounced temporary contractors for Piraeus Tower

The EBRD - Dimand - Prodea joint venture won the tender of the municipality of Piraeus and was proclaimed temporary contractor of the Piraeus Tower for 99 years.

Piraeus Tower, the largest asset of the municipality, has remained unused for more than 45 years. According to the announcement, the annual financial consideration is EUR 1,010,000 with an adjustment of 2% per annum.

The Tower will be utilized as follows: In the A and B underground floors there will be mechanical spaces and a parking lot. The ground floor, as well as the 1st and 2nd floors, will host the Piraeus Tourist Product Information and Promotion Organisation and retail stores. The 3rd floor will host the Multifunctional Cultural Center with a dining area. The 4th – 19th floors will be offices and there will be a restaurant on the 19th and 20th floor.

The investment budget amounts to € 41 million and the implementation timetable is 33 months for the radical renovation and landscaping of the interiors and immediate surroundings, upgraded facades, vertical zones for green lighting and a modern lighting system. In the coming period, there will be due diligence conducted by the investors and a review of the legality by the Court of Auditors.

Hines purchased the former Odeon multiplex in Athens

Hines purchased the former Odeon multiplex property on Syngrou Avenue for  € 20,050,000. The bidding process was conducted by Ethniki Leasing, the subsidiary of NBG. The property consists of 8,000 square meters over the ground and approximately 12,000 sq.m. underground spaces.

With the acquisition of the former multiplex (Odeon Starcity), Hines is launching its second investment initiative on Syggrou Avenue. The first one was in 2017 when it acquired, along with Henderson Park, the former Athens Ledra Hotel property, which is now operational as the Grand Hyatt. The Hines' first investment in Greece had reached 33m euros.

The company then proceeded with the purchase of an office building at 23 Sofia Ave., the acquisition of Artume's property at Platonos Academy and the agreement to acquire a shopping center on Piraeus Street, which will be remodeled and operated as a discounted 'Gazi Outlet' shopping mall.

The group is nearing completion of the acquisition of two hotels in Crete as part of the Mamidakis consolidation process.

Two bids for the casino at Elliniko

Mohegan's US-based joint venture with GEK TERNA and Hard Rock both filed bids to acquire the casino license at Elliniko. The evaluation process.

The bidder is expected to be selected within the next quarter. The time to complete the bidding process depends largely on any appeals.

In the market it is argued that the winning bidder will largely be picked depending on the amount offered to obtain the casino license, although what is planned in Elliniko is more of a hospitality and entertainment complex. According to the terms of the tender, the minimum price the bidders can offer is € 30 million. The financial offer weighs 60% in the overall evaluation and therefore a small difference in the price offered may cover a greater divergence in the technical evaluation.