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

EBRD-Dimand-Prodea joint venture pronounced temporary contractors for Piraeus Tower

The EBRD - Dimand - Prodea joint venture won the tender of the municipality of Piraeus and was proclaimed temporary contractor of the Piraeus Tower for 99 years.

Piraeus Tower, the largest asset of the municipality, has remained unused for more than 45 years. According to the announcement, the annual financial consideration is EUR 1,010,000 with an adjustment of 2% per annum.

The Tower will be utilized as follows: In the A and B underground floors there will be mechanical spaces and a parking lot. The ground floor, as well as the 1st and 2nd floors, will host the Piraeus Tourist Product Information and Promotion Organisation and retail stores. The 3rd floor will host the Multifunctional Cultural Center with a dining area. The 4th – 19th floors will be offices and there will be a restaurant on the 19th and 20th floor.

The investment budget amounts to € 41 million and the implementation timetable is 33 months for the radical renovation and landscaping of the interiors and immediate surroundings, upgraded facades, vertical zones for green lighting and a modern lighting system. In the coming period, there will be due diligence conducted by the investors and a review of the legality by the Court of Auditors.

Hines purchased the former Odeon multiplex in Athens

Hines purchased the former Odeon multiplex property on Syngrou Avenue for  € 20,050,000. The bidding process was conducted by Ethniki Leasing, the subsidiary of NBG. The property consists of 8,000 square meters over the ground and approximately 12,000 sq.m. underground spaces.

With the acquisition of the former multiplex (Odeon Starcity), Hines is launching its second investment initiative on Syggrou Avenue. The first one was in 2017 when it acquired, along with Henderson Park, the former Athens Ledra Hotel property, which is now operational as the Grand Hyatt. The Hines' first investment in Greece had reached 33m euros.

The company then proceeded with the purchase of an office building at 23 Sofia Ave., the acquisition of Artume's property at Platonos Academy and the agreement to acquire a shopping center on Piraeus Street, which will be remodeled and operated as a discounted 'Gazi Outlet' shopping mall.

The group is nearing completion of the acquisition of two hotels in Crete as part of the Mamidakis consolidation process.

Lamda agreed with NBG to purchase the two plots next to The Mall

The plot is a total area of 25 acres to be sold for just over 11 m euros. The sale will be completed after a Presidential Decree has been issued and approved by the Council of State, which will resolve the legalization issues of The Mall Athens Shopping Center.

The two plots are 16.5 and 8.5 acres. The second is in the adjacent stream accession area, so it is of very little value.

The Council of State decided in 2014 that the conditions required under Article 24 of the Constitution for the determination of the building coefficient given to The Mall Athens shopping center were not met. Following the signing of the agreement with NBG, Lamda Olympia Village, a subsidiary of Lamda owned by The Mall Athens, will submit a new plan to the environment ministry. A draft Presidential Decree will follow, which will be submitted to the Council of State for approval.