Babis Vovos receives go-ahead for 32,000 m[sup]2[/sup] mall in Athens

Greek real estate company Babis Vovos (BVIC) said on Monday that it has been granted a permit to complete the construction of the Votanikos shopping mall in Athens. In a statement, BVIC said that the municipality of Athens has given the final approval to the 32,000-m² property, which the firm started to develop in April this year. BVIC added that it will soon launch the marketing of the retail space. Construction cost is expected to amount to EUR 250 mln.

Aris Vovos, CEO of BVIC said: 'The issuance of the building permit at this point in time, in conjunction with the construction work that has already been carried out based on partial permits that we received in the past, allows us to remain within the time frame that we had originally anticipated and to complete the project by the end of 2009.'

The shopping mall is part of a larger regeneration project in the Votanikos area of Athens which comprises a 120,000 m² park, the Panathinaikos sports complex, a football stadium of at least 40,000 seats as well as the city's new town hall. 'The shopping mall in Votanikos contributes to the redevelopment efforts in the area and we are very pleased to be able to take part in the largest regeneration project in Athens,' Vovos added.