Four fresh malls planned in At­tica

Kathimerini English - - Focus - BY NIKOS ROUSSANOGLOU

At least four ma­jor malls are sched­uled for com­ple­tion in At­tica by 2019-20 in a com­bined in­vest­ment of more than 800 mil­lion eu­ros, as shop­ping cen­ters ap­pear to be cri­sis-re­sis­tant in Greece.

The new mall de­vel­op­ments will ap­par­ently be sup­ported by for­eign cap­i­tal too, with in­vestors re­al­iz­ing that malls have not been af­fected by the fi­nan­cial cri­sis and the drop in con­sump­tion. In­stead, they have man­aged to in­crease their mar­ket share at the ex­pense of tra­di­tional stores. There­fore one could pre­sume that the cap­i­tal gains for malls will be even greater when re­tail com­merce re­cov­ers.

Within 2017 de­vel­oper Ar­tume is ex­pected to land the build­ing per­mit for the new mall at Akadimia Platonos in Kolonos, western Athens. Named Acad­emy Gar­dens, the 300-mil­lion-euro de­vel­op­ment will cre­ate 48,000 square me­ters of com­mer­cial spa­ces on a plot of 20,000 sq.m.

On a plot of 315 sq.m. at Kantza in east­ern At­tica, REDS is de­vel­op­ing a mall which is ex­pected to be in­au­gu­rated in 2020.

The former air­port plot at Elliniko, south­ern Athens, is pro­jected to see sig­nif­i­cant com­mer­cial ac­tiv­ity ac­cord­ing to the plans of the Lamda De­vel­op­ment-led con­sor­tium. If all per­mits are re­ceived by mid-2017, it is es­ti­mated the mall planed at Elliniko will open in 2020 or 2021.

Con­struc­tion is ex­pected to start next year on a mall at the former Babis Vovos prop­erty in Votanikos, west of the city cen­ter, which has now come into the hands of the cred­i­tor banks.

Be­sides this, there is another 37,000 sq.m. of new com­mer­cial spa­ces planned as ex­ten­sions to ex­ist­ing malls, with con­struc­tion work ex­pected to get un­der way in the com­ing months and up to 2018.

In fact, Greek malls are do­ing so well that even in a pe­riod when re­tail com­merce has suf­fered, in the first half of this year, the three ma­jor shop­ping malls that Lamda De­vel­op­ment op­er­ates (The Mall Athens, Golden Hall at Maroussi and Mediter­ranean Cos­mos in Thes­sa­loniki) recorded an 8 per­cent in­crease in op­er­at­ing prof­its, which came to 21.5 mil­lion eu­ros.

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