Well-known shopping centre Athens Heart, located in the suburb of Tavros, is set to undergo a huge transformation after the building was bought out by a large American chain.
Following 18 months of discussion and court decisions, a joint venture was made between the National Bank of Greece and American international real estate firm Hines, to redevelop the site into a premium shopping outlet centre.
The new name will be 'Gazi Outlets' and it aims to take advantage of its prime location, as the mall is only 1 minute from the centre of the city and 2km from the Acropolis.
"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 neighborhood of Gazi, famous for the Technopolis cultural centre, which is popular with both locals and tourists," said Paul Gomopoulos, Hines’ Greece regional head.
The redevelopment of the 22,000 square metre shopping centre is said to be completed at the beginning of 2021. The centre will feature a new cinema and undergo a comprehensive refurbishment to become a prime outlet destination with a strong emphasis on leisure, food, and beverage.
The Hellenic Minister of Development, Mr Adonis Georgiadis said on SKAI radio, “The government is present in order to make the lives of each investor easier. It is a common interest for us all that such investments thrive in Greece”.
Mr Grigoris Stergoulis, President of Enterprise Greece also added, “We are talking about the capital city which requires improvement, beautification, and creation of a new environment which will reshape the way we live, we have fun and experience this city.”
Hinesfirst entered the Athens market in 2017 with the acquisition of the Athens Ledra Hotel, which became the Athens Grand Hyatt Hotel, following an extensive renovation.