Plans for big investments in new Greek malls

Α Decrease font Enlarge font
Plans for big investments in new Greek mallsInvestments in coming years expected to approach 1 billion euros

Greece has among the smallest densities of shopping malls in Europe, with 57 square meters per 1,000 inhabitants, just 6.7 percent that of first-place Norway (857 sq.m.) and less than fellow Balkan countries Bosnia-Herzegovina (98 sq.m.) and Serbia (88 sq.m.), ekathimerini.com reports.

This is about to change, with investments in coming years expected to reach 1 billion euros, based on a report by portfolio management company Pepper Hellas, a subsidiary of Australia’s Pepper Group.

By far the largest investment will be by Lamda Malls SA at the former airport in Elliniko, a development project which is about to get off the ground after years of stalling by the previous government.

The subsidiary of Lamda Development and Minneapolis-based Varde Partners plans to construct a 250,000 sq.m. mall there, which will be Europe’s largest, ahead of Westfield London (242,000 sq.m.) and Moscow’s Aviapark (230,000 sq.m.).

Lamda Development also plans to expand its Golden Hall mall, near Athens’ Olympic stadium, by 11,500 sq.m., adding retail space, food outlets and an Olympic Games museum. The investment is calculated at 25 million euros.

A far bigger project is under way at Pallini, east of Athens, by REDS, a subsidiary of construction group Ellaktor. The 200-million-euro “Cambas Project,” on the grounds of the previous Cambas family winery, will be mixed-use.

Besides shops and entertainment facilities, it will also feature offices, a hotel, and a cultural center. REDS is also investing 23 million euros in the expansion of the Smart Park at Spata with 20-25 new shops.

Another big project hinges on the revival of the development in the Votanikos neighborhood of western Athens, which is supposed to include a new stadium for soccer team Panathinaikos, as well as a 50,000 sq.m. mall. International real estate firm Hines has signed an agreement with Alpha and Piraeus banks, which foreclosed on the property once held by real estate firm Babis Vovos.

Not all investments will be in Athens. Dutch group Ten Brinke, for one, is planning a 40,000 sq.m. mall on Crete. A 5-million-euro upgrade of Thessaloniki’s Modiano Agora, with a food market and 140 shops, is also underway.

RELATED TOPICS: GreeceGreek tourism newsTourism in GreeceGreek islandsHotels in GreeceTravel to GreeceGreek destinationsGreek travel marketGreek tourism statisticsGreek tourism report

Photo Source: Wikimedia Commons License: CC-BY-SA Copyright: Tilemahos Efthimiadis 

Tornos
  1. 13/12 22:10

    Draft law on seaplane transport launched for public consultation in Greece

  2. 13/12 21:54

    New tender to raise sunken vessel off Santorini Caldera's seabed

  3. 13/12 21:26

    Japanese Ambassador to Athens visits Alexandroupolis with business delegation

  4. 13/12 16:53

    Support for Greece on Turkey-Libya MoU by European Union conclusions

  5. 13/12 14:27

    ECB head on Greece's possible inclusion in second QE: Criteria must be met

  6. 13/12 12:38

    Interview: European Union to fund 'smart' development of Greek regions

  7. 13/12 10:10

    Athens tourism developer to operate first hybrid floating hotel in Greece

  8. 12/12 22:34

    Carbon emissions per passenger drop more than 50% since 1990

  9. 12/12 22:30

    French Ambassador: Greece cannot be abandoned to struggle against migration

  10. 12/12 22:20

    International Air Transport Association to improve cargo handling audits

  11. 12/12 22:11

    Greek Minister: Creating 'cultural routes' in Macedonia a priority

  12. 12/12 22:06

    Greek Cathedral facing opposition to plan for event space in Columbia, SC

  13. 12/12 20:47

    Greektown Chicago hosts festive annual Christmas ceremony and tree lighting

  14. 12/12 20:32

    The Science Reactors are back with a new stand-up show in Athens

  15. 12/12 19:44

    Overweight tourists on Greek island of Santorini face fines for riding donkeys

  16. 12/12 19:37

    Ambassador to Athens: Greece a traditional and reliable partner of Russia

  17. 12/12 19:23

    Greece turns to Chinese market to promote MICE and Conference Tourism

  18. 12/12 18:52

    Greek parliament passes bill on diaspora vote with broad majority of 288 MPs

  19. 12/12 18:40

    Shop opening hours for Christmas and New Year holiday season in Greece

  20. 12/12 17:42

    21st Annual Capital Link Invest in Greece Forum and Greek Day at NYSE

  21. 12/12 17:07

    EU Council commences with draft condemning Turkey’s provocative actions

  22. 12/12 16:12

    Temporary measures at Athens Airport due to partial scale emergency drill today

  23. 12/12 15:31

    Hard Rock cries foul over Hellenikon Casino license bidding in Greece

  24. 12/12 14:01

    TrainOSE head: New trains and major upgrades in Greece during 2020

  25. 12/12 12:47

    Greek museums visitors grew 4.3% in August 2019

  26. 12/12 12:06

    Greek Prime Minister visits Brussels for European Council meeting

  27. 12/12 10:39

    "The Merry Widow" performance dazzles and delights in Athens

  28. 11/12 18:05

    Scenarios for Crete’s VOAK Motorway implementation through… Attiki Odos

  29. 11/12 18:00

    Minister: There will be no pension cuts in Greece

  30. 11/12 17:54

    Greeks must pay more online or face fines in campaign to curb tax evasion

  31. 11/12 17:50

    Germany donates beds, sheets and blankets for 10,000 migrants in Greece

  32. 11/12 17:42

    Australia’s Governor-General's wife becomes patron for Lysicrates Foundation

  33. 11/12 17:29

    Reuters: Greek bonds brush aside weak risk appetite across markets

  34. 11/12 17:21

    Tsitsipas and Stefanidi voted Greece’s Top Athletes for 2019

  35. 11/12 17:10

    Greek-Turkish Evros river border fence extension mulled

  36. 11/12 13:43

    Survey: Greek exports to surpass 35 billion euros this year

  37. 11/12 13:39

    Maria Callas tribute impresses at the Archdiocesan Cathedral in New York

  38. 11/12 13:29

    U.S. Secretary of Commerce underlines Greece's impressive return to growth

  39. 11/12 13:25

    Egyptian Parliament Speaker condemns Turkish deal with Libyan government

  40. 11/12 13:20

    Brain Gain report: Greece aims to bring back its best and brightest

  41. 11/12 13:15

    Greek Foreign Minister meets with Serbian counterpart Dacic

  42. 11/12 13:09

    ND government: Greece is back and foreign investors showing interest again

  43. 11/12 13:05

    General consent at the National Foreign Policy Council in Greece

  44. 11/12 12:50

    Bill on the voting rights of Greeks abroad to be approved on Wednesday

  45. 11/12 10:57

    Greek PM meets US Ambassador ahead of Washington visit on January 6-8

  46. 10/12 22:12

    US News & World Report: Athens among 20 best honeymoon destinations for 2020

  47. 10/12 21:53

    Mystery woman’s bones unearthed at "exclusive male monastery" of Mount Athos in Greece

  48. 10/12 21:41

    Eurobarometer poll: Greeks remain focused on economic recovery

  49. 10/12 21:33

    Historic Plaka stone arch bridge rebuilt between Epirus and Thessaly regions

  50. 10/12 21:24

    Greek court bars short-term Airbnb-style rental in Peloponnese city of Nafplio

  51. 10/12 21:07

    Rare view of Greek islands of Crete and Cyclades from space goes viral

  52. 10/12 21:03

    World's largest conference on wine tourism marks rural transformation and jobs

  53. 10/12 20:49

    CEO World: Halkidiki in Greece among top yachting destinations

  54. 10/12 20:43

    Study ready for restoring and opening ancient Amphipolis Tomb in Greece

  55. 10/12 20:33

    Number of Chinese investors via golden visa program in Greece soars

  56. 10/12 20:23

    30K jobs lost due to seasonal redundancies in Greek tourism and F&B sector

  57. 10/12 19:42

    Two Greek Museums up for European Museum of the Year award (video)

  58. 10/12 19:33

    Greek firm voted best cafe chain in SE Europe

  59. 10/12 18:52

    Ruling New Democracy party seeks consensus for Greek Diaspora vote

  60. 10/12 17:33

    First meeting of National Research, Tech and Innovation Council in Greece

  61. 10/12 16:45

    Hellenic Corporation of Assets and Participations sets up innovation network

  62. 10/12 14:09

    Greece sends two letters over Turkey-Libya MoU to the United Nations

  63. 10/12 12:30

    Diving Tourism: Cyprus sinks cargo ship to make first artificial reef

  64. 10/12 11:45

    Greek engineers assist Albania to inspect quake-damaged buildings

  65. 10/12 10:19

    National Council on Foreign Policy convening in Athens on Tuesday

  66. 10/12 02:36

    Museum of Cycladic Art in Athens honors American sculptor Lynda Benglis

  67. 10/12 02:29

    Greek PM: National Transparency Authority Is a significant innovation

  68. 10/12 02:24

    Greece's Yorgos Lanthimos wins Best European Director for 2019 in Berlin

  69. 10/12 02:16

    Costas Vlassis sworn in Deputy Foreign Minister for Greek Diaspora

  70. 10/12 02:00

    First Greek Orthodox Church is constructed in Tanzania

  71. 09/12 23:44

    Finance Minister at NY Capital Link forum: Greek economy returning to normalcy

  72. 09/12 23:24

    New project will form first ever archive of Greek-American music (video)

  73. 09/12 22:19

    TrainOSE adds two trains to the Athens-Thessaloniki routes during Christmas

  74. 09/12 21:47

    Libyan House of Representatives speaker to UN: Turkey-Libya deal is invalid

  75. 09/12 21:10

    Greek Energy Minister in Madrid for the 25th UN Climate Change Conference

  76. 09/12 20:00

    Hellenic Republic Asset Development Fund: Tender to sell DEPA Infrastructure

  77. 09/12 18:29

    Greek PM to US firms: Add investments in Greece to your financial agenda

  78. 09/12 16:39

    Foundations laid for Onassis National Transplant Centre in Greece

  79. 08/12 14:35

    Four Greek scientists participate in NASA’s ”Touch the Sun” mission

  80. 08/12 14:30

    Archangel Michael Church Greek Language Institute’s presents new curriculum

  81. 08/12 14:27

    Greek government's new benefits policy includes easing fostering and adoption

  82. 08/12 14:21

    Pancyprian WIN’s Christmas Party in Glen Cove of New York on December 11

  83. 08/12 14:14

    Social dividend of 700 euros credited to beneficiaries in Greece by end of year

  84. 08/12 14:09

    Minister: Expat Greeks a great asset for unity when nation is challenged

  85. 08/12 14:04

    Primary residence protection on outstanding loans extended in Greece to April 2020

  86. 08/12 13:45

    President of Libyan House of Representatives to visit Greece

  87. 08/12 11:54

    Christian and Muslim leaders’ declaration against domestic violence in Greece

  88. 07/12 20:36

    'Stranded' rosy pelicans flown by plane from Cyprus to Lake Kerkini in Greece

  89. 07/12 18:16

    Greek FM: Libya's Ambassador given 72-hour deadline to leave the country

  90. 07/12 02:21

    Signing of the «golden» contract for Athens Metro Line 4 imminent

  91. 07/12 02:15

    Greek metallurgy firm becomes Aluminium Stewardship Initiative member

  92. 07/12 02:08

    EU VP Schinas and Commissioner Johansson conclude migration talks in Turkey

  93. 06/12 23:44

    Labor Ministry bill foresees big handout for every baby born in Greece

  94. 06/12 23:25

    Sharp increase in issuing of Golden Visas by Greece

  95. 06/12 23:05

    New delay in Athens Hellenikon casino project license award

  96. 06/12 21:18

    UN migration head appeals to EU to ease refugee pressure in Greece

  97. 06/12 18:54

    Canada’s PM Trudeau meets Greek counterpart Mitsotakis at NATO Summit

  98. 06/12 17:45

    Greece gains double benefit from latest Eurogroup meeting

  99. 06/12 15:39

    Athens opens door for Chinese investments in Greek telecommunications

  100. 06/12 14:05

    High Court rules Greek State must cover emergency private health care