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Upgraded and New Office and Hotel Projects to Change the Urban Profile of Athens, Piraeus and Thessaloniki

January 16, 2023

ATHENS – Athens and Piraeus metropolitan areas will see great urban and tourist reconstruction in new or refurbished buildings by three main companies in the sector, Grivalia Hospitality, Dimand and Prodea Investments, which will accompany the greatest urban redevelopment of Europe at Hellinikon by Lamda Development.

Grivalia Hospitality

Investing in viable and sustainable practices is a key principle to highlight the local character and to protect an area’s identity, says Deputy CEO Natalia Strafti to Athens-Macedonia News Agency (ANA-MPA). Modern tourist facilities include bioclimate planning of projects, saving on water and energy, managing household waste efficiently, and using renewable energy sources. These also agree with the heightened awareness of travellers on environmental issues.

In 2022 Grivalia completed its first investment in Thessaloniki by reviving the legendary ‘Olympos Naoussa’ hotel with TOR Hotel Group, after a 28-year hiatus, turning it nto a five-star boutique hotel called ‘ON Residence’. In 2023, the company expets to see the completion and operation of three major projects: Asteria Glyfadas on the Athens Riviera as a super-luxurious urban resort named ‘One & Only Aesthesis’; the Avantmar boutique hotel on Paros island (Naoussa) with 38 rooms and a globally acclaimed restaurant; and the ultra-luxury glamping project in Voula, the first private members club of the southern suburbs of Athens, offering spa, sports areas, restaurants and others.

Dimand

Dimand Real Estate Development reconstructs historical buildings in central Athens, Piraeus and northern Greek locations that contribute to the revival of neighborhoods and bring the reactivation of economic activities in local markets. The company continued its work in 2022, focusing on environment, society, and economy, and on achieving LEED certifications (Leadership in Energy and Environmental Design).

Company managers said it has already incorporated the certification of WELL, focusing on healthful practices for people using each building. Signed up under WELL certifications are the Piraeus Tower (expected to be completed in 2024) and the PwC Campus buildings. Other buildings following the sustainability principle are the former Saroglio Megaron (currently Athens’ first green hotel to be awarded a LEED Gold certification), the Moxy Athens City, the Syngrou Office Complex, and the AEK team OPAP Arena.

Dimand began trading in the Athens Stock Exchange in July 2022, drawing capital that reached nearly 100 million euros.

In Thessaloniki, a key holding is the former Balkan Export building, where a logistics center will be built. Dimand is focusing on city’s Western Gate entrance, where it is building Hub26, Thessaloniki’s first bioclimate office complex (on 26th October avenue), comprising four operationally independent buildings. These lie across from the historic FIX beer factory, which Dimand is turning into a mixed-use facility including offices, retail shops, apartments, cultural areas and possibly a hotel unit; its completion is expected in 2026.

Dimandm which collaborates on several projects with Prodea Investments, has also assumed the design and development of the Kaizen Gaming Campus in Maroussi, which will aim for a LEED Gold certification as well, and the PwC Campus also in Maroussi (on 65 Kifissias avenue), built on land owned by Dimand and aiming for LEED Gold and WELL certifications as well.

Prodea Investments

The low-energy footprint and bioclimate-based investments for 2023 exceed 500 million euros, Prodea Investments says. Following its successful completion of the green office building ‘The Element’ on Fragoklissias street in Maroussi at the end of 2021, LEED Platinum certification, it is working on ‘The Wave’ on 44 Syngrou avenue as an office with sustainability and energy efficiency and related LEED Gold certification. The building is rented out to KPMG Greece.

Working with Dimand and European Bank for Reconstruction and Development (EBRD) funding, a reconstruction on Syngrou, Lagoumitzi, and Evrydamantos streets is nearing completion. The first of two modern office buildings of LEED Gold certification has been completed and sold to Generali Hellas while the second one is nearing completion and Prodea has rented out to Greek and international companies.

Prodea also acquired 100% of IQ Hub, an LEED-Gold certified office building in Maroussi, near the ‘Neradziotissa’ train stop, which it expects to complete shortly and has rented out to Kaizen Gaming. The same certification is held by Moxy Athens City by Marriott on 65 Stadiou street, near Omonia Square, which has 201 rooms, while Prodea is also jointly working on the Piraeus Tower with Dimand and EBRD, a project expected to be completed at the end of 2023.

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