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retail-shopping-centers Assets News: Greek Real Estate Intelligence

ICI REIC purchased commercial property at €8 m
Intercontinental International REIC (ICI), purchased a commercial two-storey basement building with a total area of ​​4,408.32 sq.m. with a parking lot, on adjacent plots with a total area of ​​5,663.58 sq.m. in Pikermi, Attica. The purchase came through a private tender at the price of € 8,086,970. The price, according to the company, was repaid in full, financed almost entirely by funds raised from the further coverage of bonds from the €40 m bond loan concluded with Eurobank within the second quarter of the current financial year. The CEO welcomed another supermarket of the company Sklavenitis in the portfolio of the Company, the acquisition of which significantly expands the cooperation with the tenant in 4 stores with a total gross space of 8,817 sq.m. With the acquisition of this property, the value of the Company's portfolio increases to €115.60 m. Original Source: Capital.gr Adaptation/Summary: Kiki Athanasiadis
 
Lamda Development kicked off the emblematic Ellinikon project
Lamda Development paid its first down payment for the project late June, kicking off the investment in Greece’s biggest urban redevelopment plan after years of delays due to bureaucratic obstacles and opposition to the project. The Greek state was the beneficiary of the downpayment, which will go toward the purchase price of €8 bn for the redevelopment of the area stretching along the scenic Athenian Riviera. The area will soon be home to new hotels, shopping malls, office space, homes and other features after the land lay fallow for almost twenty years or was abandoned after the Olympics were over in the Summer of 2004. There is already a huge amount of global interest for the 200 apartments in the Marina Tower, the “tallest building in Greece”, that will be built within the next 5 years in Elliniko, according to the management of Lamda Development. Ellinikon is being developed to transform the old airport into a series of neighbourhoods arranged around a 200-hectare coastal park. This will be the "largest coastal park in Europe" and "increase the allocation of open space per Athenian resident by 44 per cent". Original Source: Euro2day.gr Adaptation/Summary: Kiki Athanasiadis
 
Fourlis Group purchased space in Elliniko - Trade Estates' new plans
Trade Estates, the new REIC by Fourlis Group, announced the acquisition of a space in Elliniko, where it will develop a Retail Park, a combination of Big Boxes stores. The Retail Park will be developed in 30,000 sqm and it is estimated to be completed in 3-4 years. It will include commercial concepts of the group such as IKEA and Intersport. The acquisition will cost €55 m. With this acquisition, Trade Estates is making its mark in the domestic Real Estate market. The company's goal is to double the value of its properties within the next two years. It has already signed projects worth €100 m for the development of retail parks in two more cities, Heraklion and Patras. Trade Estates has also bid for the Real Estate part "Florida" in Thessaloniki. The company will focus now on the acquisition of a logistics centers and big boxes, and its establishment will take place within July. The portfolio of the company consists of seven properties (4 big box commercial properties, 2 logistics centers and a commercial park) worth €184.7 m. Original Source: Liberal.gr Adaptation/Summary: Kiki Athanasiadis