23 September 2018
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Sonae Sierra and Bluehouse announce joint investment in Thessaly

11 July 18 - RE+D Magazine

COMPANIES

ETAD.A.E.

Public entity - GREECE

ΕΡΡΙΚΟΣ ΑΡΩΝΕΣ

Investment - GREECE

Eurobank Property Services

Consultant - GREECE

IBI Group

Consultant - GREECE

PEOPLE

Antulio Richetta

Director IBI Group

Dimitris Andritsos

CEO of Eurobank Property Services S.A Eurobank Property Services
A new nine million euro shopping mall is to open in Thessaly this autumn.

 

As announced in a press conference in Athens on Tuesday, the mall will be called Fashion City Outlet, and is being developed by Sonae Sierra and Bluehouse Capital.

It will cover 20,000 square meters and include more than 70 stores.

Meanwhile Sonae Sierra recorded a Net Profit of €15.3 million in the first three months of 2018, compared to the €15.9 million reached in the same period of last year, impacted by lower gains on the sale of investments in 2018.

EBIT reached €27.0 million, 8% increase over the previous year due to improved performance from the portfolio in Europe and higher Services turnover and margins.

The Direct Result rose to €17.0 million, an improvement of 12.6% compared to the same period of 2017. This reflects higher EBIT and better financial results.

The Indirect Result stood at -€1.6 million, €2.4 million below the previous year, mainly due to lower Gains on the Sale of Investments. The amount recorded in 2017 it is related to the price adjustment in Le Terrazze.

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