Greek real estate developer Dimand Group, through its wholly-owned subsidiary, Alkanor, secured a long-term loan with Alpha Bank for up to €28 mln.
The loan will finance the redevelopment of a mixed-use building (retail and offices) on the site of the historic 16,000 m2 Minion department store in Omonoia, Athens. The total estimated cost for acquiring and transforming the asset is €55 mln.
The project will transform a portion of the property, approximately 13,800 m2, into a modern, energy-efficient building with a low environmental impact. The development is targeting LEED Gold certification.
Alkanor has already secured lease agreements for the entire property with both Inditex Group and Public Power Corporation (PPC). The project is expected to be completed by the end of this year.
The real estate developer is the fourth owner of the building, succeeding the founder Yiannis Georgakas, Elmec Sports, and Folli Follie. The acquisition is part of Dimand Group’s strategy to redevelop landmark buildings, contributing to the contemporary history of the city and upgrading neighbourhoods.
Dimand Group focuses on large-scale urban redevelopments, modern sustainable office buildings, complex mixed-use projects, as well as private sports facilities.
