Premia Properties plans to expand the Athens Heart mall, south of the city center, into an adjacent property, but first it must settle the 55-million-euro debt to National Bank, the sole creditor of the special purpose vehicle that owns the shopping center.
The two sides are currently in talks over a possible restructuring. Athens Heart has seen revenues decline in recent years, but a debt haircut to €15.7 million is on the table.
The expansion would add 3,200 square meters to the existing 22,000 sq.m.
Premia Properties is also considering adding a mixed-use building, with businesses, offices and other uses to boost revenue.