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

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
New properties included in the Premia Properties portfolio
Premia Properties, of the Greek-Swedish businessman Ilias Georgiadis, enters a new trajectory of dynamic growth, with the new share capital increase of the company up to 75 million euros, through a contribution to it of new real estate and cash. In total, the contribution of the new share capital increase will be real estate worth €27.5 m and cash up to 47.5 m. The new funds will be used both to strengthen the investment portfolio and finance new investments as well as to expand the company's share base. S ix of the seven properties will be contributed by Sterner Stenhus Greece AB, owned by Elias Georgiadis, and one property by Elias Tsiklos Holdings Ltd. The properties are:
  1. Logistics warehouse buildings, with a total area of ​​11,982.05 sq.m., in the location "Dyo Pefka", in Aspropyrgos, Attica, (valued at € 15,212,072).
  2. Warehouse logistics in Aspropyrgos, Attica (valued at € 4,276,010).
  3. Logistics warehouse buildings, with a total area of ​​15,664.30 sq.m., in Mandra, Attica. The property was valued at € 6,384,157.
  4. Logistics warehouses, with a total area of ​​25,724.78 sq.m., at the 1st km of the Sindou-Chalastra Provincial Road. The property was valued at € 14,821,000.
  5. Logistics warehouses, surface 10,148.82 sq.m. in the Municipality of Elefsina, Attica (valued at € 6,670,000)
  6. Store of 1,374.35 sq.m., in the Municipality of Katerini The property was valued at € 2,204,000.
  7. Commercial store, ground floor building with an area with the addition of ground floor buildings and basement surface at the 7th km Kalamata-Tripoli. The property was valued at € 4,908,000.
Original Source: Bizness.gr Adaptation/Summary: Kiki Athanasiadis