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US giant bets 100 mln euros on Greek real estate

A 100 million euro investment program is being implemented in Greece across nearly all segments of the market, by the US real estate company Hines which has been increasing its exposure in the country in the last few years.

US real estate company Hines is implementing a 100 million euro investment program in Greece across nearly all segments of the market. The company, with global assets of $124 billion, has been increasing its exposure in Greece in the last few years after setting up operations in Athens in 2014.

Hines has entered the Greek hospitality market via the Grand Hyatt hotel and bought into commercial property, such as office space and assets being developed into retail stores. According to Andreas Kapsalis, director at Hines Greece, the company's next steps will target accommodation facilities in popular holiday destinations.

At the same time, Hines will have significant exposure to shopping malls. Its latest move relates to the completion of a deal to buy and develop the Athens Heart shopping center. The property, which belongs to Pasal Development, will be renovated and turned into a discount  mall that will also host restaurants and cinemas.

Spread over 22,000 square meters in the southern Athens areas of Tavros, the mall will be renamed Gazi Outlets with the completion date set for the spring of 2021 in an investment worth more than 15 million euros. As part of the deal, Hines has also agreed to pay 55 million euros owed by Pasal Development to National Bank.

Another key project in the retail industry for Hines is a shopping mall development in Akadimia Platonos, central Athens. Construction on the mall, previously called Academy Gardens, is set to start coming days on land that was purchased for seven million euros. It will include big box stores, large retail establishments, with the first tenant being Leroy Merlin, while a deal with Lidl is also on the cards.

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