Redex, a company that belongs to the Copelouzos group, has been quietly evolving into a key player in the real estate market in Greece in recent years. It has taken on projects worth hundreds of millions of euros in what is set to make a mark on its earnings figures for 2019 and upcoming years.
One of the recent deals Redex has taken on is the construction of a luxury tourism resort One & Only KEA Island, that is being developed on Kea, also known a Tzia, by Dolphin Capital in cooperation with Kerzner International Holdings. It is a 150 million euro investment, with the first phase of the project relating to the building of a 75-room hotel, spa and beach club, while the second phase involves the construction of a limited number of villas, which will be managed by the international "One & Only" brand. Construction started in July on land stretching over 60 hectares on the western side of the island.
This project comes after Redex completed a few weeks earlier renovations on the five star I-Resort in Stalida, Crete, and the luxury 400 room Almyros Beach Resort & Spa in Corfu. The company is also working on the construction of three luxury residential complexes in Mykonos and a five star 68 suite unit in Santorini, along with the renovation of the Sofia Balkan Hotel in Bulgaria and the extension of the Milos Cove Hotel in Milos.
Meanwhile, the company has teamed up with Viohalko, which belongs to the Stasinopoulos group, taking on the construction of buildings for the group's property subsidiaries. The deal includes the extension of the Mare West mall in Corinth, where work is being completed on the creation of a park area that will surround the existing building. Additionally, a new office building for Noval (a subsidiary of the group in real estate) is also being completed in Halandri, northern Athens, with large multinationals among the tenants.
One of the most important projects taken on by Redex has been the renovations work of the US embassy in Athens. This is a five-year contract aimed at upgrading the aesthetics and functionality of the 60-year-old building. In a $350 million investment, the project will be completed in four phases. When finished, the building will be renovated, have a new exterior front and an upgraded structure and electrical system.
The fact that Redex has been chosen to take on a project like this is an honor for the Copelouzos group as the company builds on its presence in the market. Initially called Copelouzos Real Estate, the company's main focus was to develop the group's property assets with an emphasis on modern office buildings and residential housing.