Dimand inks €158M agreement for HEDNO’s new HQ

According to the listed developer, the agreement includes the sale to HEDNO of a new office complex currently under development in Elaionas, as well as DIMAND’s acquisition of HEDNO’s existing headquarters in Peristeri, which will be redeveloped and repositioned in the office market.

The transaction concludes the tender launched by HEDNO in June 2025, which combined the procurement of modern headquarters with the sale of its existing property through a sale-and-relocation structure. The model is widely used in mature real estate markets, enabling large organizations to upgrade their facilities without assuming the risks and costs of developing new premises themselves.

DIMAND’s wholly owned subsidiary, IQ Athens S.A., signed an agreement to sell the new property to HEDNO for €134.7 million, with the purchase price to be paid in installments under the terms of the contract.

The development is located in Elaionas, at 87–93 Iera Odos, on a site bounded by Agios Polykarpou and Chartergaton streets, covering 32,381 sq.m. The project comprises 37,530 sq.m. of office space and is designed to achieve LEED Gold certification. Completion and delivery to HEDNO are scheduled for 2028.

The selected site meets the specifications set out in the tender, which called for approximately 26,000 sq.m. of primary office space capable of accommodating around 1,725 employees currently dispersed across multiple locations in Attica. The building was also required to be located within 850 metres of a Metro or ISAP station and to comply with LEED Gold sustainability standards.

At the same time, through its subsidiary Terra Athens S.A., DIMAND acquired HEDNO’s current office complex in Peristeri, located at 62 Kifisou Avenue, with a total built area of 19,004 sq.m., together with two adjacent land plots totaling 675 sq.m., for a total consideration of €23.6 million.

The acquisition will be financed through a combination of equity and bank debt. According to DIMAND, the required financing has already been secured from a Greek financial institution.

HEDNO acquired the Peristeri property in 2021 for approximately €21.5 million to accommodate its central administrative services. The building previously served as the headquarters of OPAP and is located within walking distance of a Metro station. Under the tender, HEDNO had set a minimum sale price of €23.6 million, corresponding to the property’s appraised value.

Under DIMAND’s business plan, the Peristeri asset will undergo a comprehensive refurbishment before being repositioned as a modern office building, in line with the company’s strategy of redeveloping and repurposing existing commercial properties.

For HEDNO, the transaction will enable the consolidation of its administrative operations into a single, energy-efficient headquarters, reducing operating costs and eliminating the fragmentation of services across multiple owned and leased buildings.

For DIMAND, the agreement secures a major build-to-suit development with a pre-committed end user while adding another office asset with significant value creation potential following its redevelopment.