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

Piraeus’ landmark tower to get a 99-year lease and a facelift
Prodea Investments and Cante Holdings Ltd announced the signing of the 99-year concession for Piraeus Tower, one of the most emblematic commercial buildings in Piraeus. The concession has been granted by the Municipality of Piraeus to Piraeus Tower S.A., a joint venture between Prodea Investments and Cante Holdings, for an initial annual consideration of €1,010,000. Prodea Investments holds a 30% stake in Piraeus Tower S.A. whereas Cante Holdings Ltd holds 70%. Cante Holdings Ltd is a joint venture between Dimand Group (65%) and EBRD (35%). The 22-story tower, the municipality’s largest asset, has been in disuse for over 45 years Piraeus Tower is the second tallest building in the wider region of Attica. It is an iconic 24-story building overlooking the largest port of Greece. The concession marks the beginning for the full reconstruction of Piraeus Tower and its transformation into a modern energy sustainable office and retail building with an above ground surface of 29,000 sqm and 3,500 sqm of basements. The project is expected to be completed by Q1 2023. The total investment is in the region of €50 m. This landmark project, in combination with the wider action plan of the Piraeus Municipality that aims to redevelop the area and the investment plan of Piraeus Port Authority, will contribute to the further improvement of the urban landscape, the increase of visitors and the overall financial development of Piraeus. PILA has been announced as the winner of an international competition to redesign the façade of building. The tower was built in 1975 and was originally designed by architects I. Vikelas, G. Molfesis and A. Loizou. Often referred to as the ‘sleeping giant’, the abandoned structure has in fact never been occupied except for the first three floors. According to PILA the company seeks to transform the existing architecture into a contemporary and dynamic landmark for the burgeoning Piraeus district. Original Source: Euro2day Adaptation/Summary: Kiki Athanasiadis
 
How much did the lockdown cost to Lamda Development
The 66-day long lockdown caused a loss of revenue for Lamda Development due to the novel coronavirus restriction measures. However, the listed company responds with the positive contribution to the size of the Golden Hall expansion, and the start of works at Elliniko. According to the company's presentation at the 9th Greek Investment Forum in New York, total revenue losses due to the suspension of its malls amounted to €11.7 m, with net income after taxes and minority rights falling by €8, 1 m or 0.046 euros per share. The reduction of income from March to June accounts for 54.5%, compared to projected revenues. These losses are attributed to a 40% discount on rents in March and June, which rose to 70% in April and May. For 2021, Lamda Development has as leverage the projected increase in rents and the increase in rental revenue, as well as the rise in advertising revenue, the exploitation of parking spaces and the expansion of Golden Hall, which is estimated tohave a significant impact on financial figures. Its shopping malls account for 6.8%, compared to 4.75% in Lisbon and Madrid and 5% in Milan, with the European average at 4.57%. The company estimates that on an annual basis, a possible 4% increase in operating profitability from retail sales would lead to an increase in domestic net worth to around € 30 million. The size of the listed, additional value is expected to be created by the contribution of Mall Athens to the company Lamda Malls and its listing on the stock market within the next two years. For the Metropolitan Intervention in Elliniko, Lamda estimates that the preliminary works will start by the end of the month, while the transfer of the shares of Elliniko SA is expected to take place in the fall of 2020. Elliniko corresponds to an investment of €8 bn euros, the first phase is €2 bn, the estimated capital expenditure (Capex) is €7 bn, of which €1.5 bn corresponds to the first phase of Capex. Original Source: Capital.gr Adaptation/Summary: Kiki Athanasiadis
 
OK! Anytime Market expands outside Athens
OK Anytime Markets SA signed a franchise agreement with the company YIOI SIMITZI which operates in the area of ​​Patras. According to the agreement three of the four Simitzi super markets will bear the brand name OK! GROCERY and the 4th will be named OK MARKET. The first 2 stores will be renovated within 2020, while by 2021 the renovation of the other two stores will be completed as well.OK! Anytime Markets SA so far has 111 stores under its brand name OK! MARKET, and 3 stores with the name OK Grocery in Kolonaki, Athens, in Mykonos and soon in Arachova. This move marks the company's expansion outside of Athens, through franchise. Original Source: Euro2day Adaptation/Summary: Kiki Athanasiadis