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offices Market News: Spanish Real Estate Intelligence

WIND headquarters moving from Maroussi due to increase of lease

Wind administrative services are being relocated from Maroussi,  to the former Alpha TV station building in Peania. Wind is one of the dominant mobile network operators in Greece.

After a long stay in Maroussi, in one of the former buildings of “Babis Vovos” on Kifissias Avenue, administration and employees are preparing to move 13 kilometers east, to an office building near Attiki Odos after Kantza, just opposite the Holiday Athens Hotel - Attica Avenue, also opposite to the offices of Ericsson Hellas and Stoix.

The relocation of workers will be gradual, and already this week the first groups have moved to new building.

The decision of Wind's management was largely forced; the company did not reach an agreement on the lease with the new building owner, Greco Fund. Greco Fund, asked for an increase which was not accepted by Wind. Reportedly, the price per square meter was up to now below the current market prices in the specific region.

Original Source: Capital

Adaptation/Translation: Kiki Athanasiadis

Brook Lane Capital purchases the South Polis mall

Brook Lane Capital placed the highest bid for the South Polis shopping mall which is owned by Alpha Bank. The mall was built by the B. Vovos Group.

Alpha Bank had announced a tender in December for the sale of Attica II AEP, which includes the 18 acre property in Paleo Faliro and two office buildings on Papanikoli Street in Chalandri. The highest bid was close to €30 m and was reportedly submitted by Brook Lane. Investment firms Trastor and Orilina were also among the bidders.

The net worth of the Attica II SA portfolio amounts to €23.8 m. The South Polis mall includes a complex that is leased to Village Multiplex and Jumbo. Brook Lane reportedly aims to turn the vacant lot of the property into office buildings.

Brook Lane has acquired by Alpha Bank in the past another property portfolio previously owned by the B. Vovou Group for €90 m.

The investment company also acquired last year a portfolio of office buildings, one of which was the 17,000 sqm complex leased by Vodafone Greece, on Ethnikis Antistaseos Street in Chalandri. It has also acquired a horizontal property of an office building in Kifissias Avenue 95 - 97 on the Attica Ring Road, a 24-26 office building in Kifissias Avenue leased by Samsung, an office building on Michalakopoulou str, leased by the insurance company AXA and a property in Metamorphosi leased by the Porsche dealership. Brook Lane had also acquired the building leased by Microsoft on Kifissias Avenue, for more than €10 m.

A few weeks ago, Eurobank announced that Brook Lane will purchase two portfolios of 370 properties totaling € 84m.

Original Source: Euro2day

Adaptation/Translation: Kiki Athanasiadis

Prodea starts construction of office building in Maroussi

Construction works are expected to begin in the coming days on one of the few remaining plots in Maroussi, on Frangoklissia, Aigialia and Kosma Aitolou streets.

Prodea Investments, which owns 5.2 acres of land, has recently acquired the building permit and is now able to begin construction of a modern energy-efficient office building. The project will be an investment of around 14m euros, with the building comprising a 7,000 sqm structure and another 7,000 sqm underground auxiliary spaces. The construction is estimated to last a year and a half.

This is the first office building to be developed by Prodea. The land has come from the merger of two plots purchased by the company on October 30, 2018 for € 4.2 million.

Prodea's move is based on strong demand for high quality offices, which, in many cases, leads to a significant increase in prices for available real estate.

Original Source: Capital.gr

Adaptation/Translation: Kiki Athanasiadis