Hines forms JV to develop outlet mall in Athens
International real estate firm Hines has entered into a joint venture with the National Bank of Greece (NBG) to redevelop Athens Heart Mall into a 22,000-square-meter premium outlet mall.
The scheme, which will be renamed Gazi Outlets, will feature a new cinema and undergo a comprehensive refurbishment to become a prime outlet destination with a strong leisure and food & beverage offering. The redevelopment will be completed by early 2021, with anchor tenants already in place.
Located in Athens’ dynamic Gazi district, the mall is just 2km from the Acropolis and a 10-minute drive from the city centre. The site is also positioned on the main thoroughfare between Athens’ tourism centre and Europe’s largest passenger port, Piraeus, which handles 17 million passengers a year.
Paul Gomopoulos, Hines’ Greece regional head, says: “Gazi Outlets will become a very compelling destination in the heart of the Greek capital, combining the best of Greek and international fashion with quality venues in which to eat, drink and relax. We are attracted to the thriving and dynamic neighbourhood of Gazi, famous for the Technopolis cultural centre, which is popular with both locals and tourists.
“Hines has a global retail portfolio of over 1 million square meters 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.”
Hines entered the Athens market in 2017 with the acquisition of the Athens Ledra Hotel, which became the successful Athens Grand Hyatt hotel following an extensive renovation, in a joint venture with Henderson Park. In March 2019 Hines acquired 23 Vasilissis Sofias Avenue, one of the most prestigious office buildings in the centre of Athens.