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

Athens: Major complex to complement Golden Hall shopping mall

The € 25m investment by Lamda Development for the expansion of the capacity of the Maroussi Golden Hall shopping mall is expected to be completed before the end of 2019.

Lamda Domi, a group subsidiary, has been developing the west wing of the former International Broadcasting Center building, where Golden Hall is situated. The completion of the investment is programmed before the beginning of the Christmas season.

The project is planned to expand the shopping centre by 11,500 sq. meters of extra rental space (GLA). According to the plans, there will be built commercial shops, restaurants and children's recreation spaces, as well as a fitness area. In addition, there will be an "Olympic Museum of Athens", with a total area of approximately 3,250 sq. meters. New underground parking space is also planned.

According to Lamda Development's financial results for the first half of 2019, the EBITDA of the "Golden Hall" mall remained stable at 8.6 million euros.

Trastor acquired property in Vouliagmeni Avenue for € 1.75 million

It is a commercial and office building with a total area of 1,784 sq.m. and consists of a ground floor shop and office floors with basement spaces.

Trastor announced the acquisition of a mixed-use building at 23 Vouliagmeni Avenue & 13 Tzavella str, in Glyfada. The price offered by the Company amounted to 1,75 m euros. The property is fully rented. The purchase of the property was financed by funds raised during the Company's Share Capital Increase that was completed in August.

Hines in a joint venture to develop an outlet mall in Gazi, Athens

Hines has entered into a joint venture with the National Bank of Greece to rebuild the Athens Heart shopping mall and convert it into a premium discounted 22,000 sq.m.

The mall, which will be renamed Gazi Outlet, will feature a cinema and undergo radical renovations to make it an attractive leisure and dining destination. Reconstruction will be completed in early 2021, securing participation from international brands.

Gazi Outlet is located in the most dynamic area of ​​Athens, just 2 km from the Acropolis and 10 minutes from the city center. In addition, the property sits between the popular for touristis area of ​​the center and the port of Piraeus, which receives 17 million passengers a year.