Greek property company Pasal Development said last week that it is withdrawing its Athen Heart shopping centre from the market due to 'difficult market conditions'. The company mandated Savills in December last year to divest a 50% interest in the mall, which is valued at nearly EUR 90 mln. Pasal Development was hoping to raise around EUR 45 mln from the disposal.
Greek property company Pasal Development said last week that it is withdrawing its Athen Heart shopping centre from the market due to 'difficult market conditions'. The company mandated Savills in December last year to divest a 50% interest in the mall, which is valued at nearly EUR 90 mln. Pasal Development was hoping to raise around EUR 45 mln from the disposal.
'The company is temporarily suspending the sale process,' it said. 'The adverse economic developments and the fact that the vast majority of investors are interested in foreign properties make it impossible to proceed.'
The centre, which is fully leased and managed in-house, represents the largest property owned by Pasal Development. The scheme opened its doors at the end of 2008 and is located at the crossroad between Pireos Street and Chamosternas Street in the city centre. It covers a total area of 58,000 m2 with 715 underground parking spaces and 20,000 m2 in lettable area across 76 shops.
Pasal, which spent nearly EUR 45 mln to develop the shopping centre, said that 'the decision to restart the process will depend on developments in the economic and business environment of the country.'
