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All Market News: Spanish Real Estate Intelligence

Hines gets approval to build the new Leroy-Merlin store in Athens

The ministry of culture has approved the development of the new Leroy-Merlin building, on Kifissou Avenue, in Athens.

The development needed the approval of the Ministry of Culture because the property next to it, the Lanara-Kyritsi Cotton Mill building which
has been designated as a monument.

This property was originally intended to turn into the Academy Gardens Mall by Blackrock. After many years of red-tape, when the project was finally licensed, it was deemed unprofitable as the financial environment in Greece had dramatically changed after the long financial crisis.

The Ministry's approval includes very detailed architectural requirements as well as technical requirements in order for the building under development to be adapted to what the Ministry considers to be major for the neighbouring monument.

Ethniki Insurance Company sold building in central Athens for € 5,5 m

The building reportedly was purchased by a foreign investor that will invest another 4 million in its reconstruction and will turn it into short rental apartments or an office building.

The building is located on Amalias 40 avenue, opposite the Τemple of Olympian Zeus. It was completely destroyed by arson during the riots of May 5th 2010.

The total surface of the building is 3,187.66 square meters, and it has two underground floors, 4 floors of 478.31 sq m each, a mezzanine floor of 288 sq m and a roof room of 29.8 sq m.

AGC very close to approval for hospitality development on Mykonos

AGC Equity Partners is close to getting approval for a 51-million-dollar investment project for the development of 95 luxury residences on Mykonos island. AGC also owns the Astir luxury hotel in Vouliagmeni.

The Mykonos Project residences will be located above Karapetis beach, on the eastern part of the island and will be part of a 5-star hotel complex that will also include 192 rooms, shops, sports facilities, and a marina.

AGC, which has invested about 600 million euros in the Astir resort in Southern Athens, is said to be in talks with three hotel chains for the operation of the resort among them Four Seasons and Ritz-Carlton.