Hines has joined forces with the National Bank of Greece (NBG) to redevelop an outlet mall in Athens.

The international real estate firm said it has entered into a joint venture with NBG to redevelop the Athens Heart Mall into a 22,000sqm prime outlet destination.

The redevelopment, which will be renamed Gazi Outlets, will be completed by early 2021, with anchor tenants already in place.

Financial details were undisclosed.

Paul Gomopoulos, Hines’ Greece regional head, said Hines has a global retail portfolio of over 1m sqm and significant international experience of developing and operating outlet malls, including as the largest outlet operator in Russia.

“We have a clear strategy to reposition the asset and will bring our international and local expertise to bear to create an exciting new destination in Athens.”

The $124.3bn (€112.6bn) manager entered the Athens market in 2017 with the acquisition of the Athens Ledra Hotel, which became the Athens Grand Hyatt hotel following a renovation, in a joint venture with Henderson Park.

In March this year, Hines acquired 23 Vasilissis Sofias Avenue office building in Athens.