Dimand: €1.7B investment pipeline and new generation of projects through 2029

According to statements made by the company’s management during yesterday’s Annual General Meeting, the listed group’s aggregate development pipeline for the 2026–2029 period is estimated at approximately €1.7 billion. Projects currently under development, permitting, or advanced planning stages exceed 200,000 square metres, with certain estimates placing the figure above 250,000 square metres—a scale that is particularly significant within the context of the Greek real estate market.

Chief Executive Officer Dimitris Andriopoulos expressed confidence regarding the company’s prospects for 2026, noting that performance is expected to surpass that of 2025 as several major developments enter the delivery phase and begin contributing meaningfully to financial results. He reiterated that Dimand’s strategic objective remains the maintenance of a stable project backlog valued between €1.5 billion and €2.0 billion, while simultaneously advancing a portfolio of 10 to 15 complex developments. The company currently operates six active construction sites and intends to launch two additional projects in the near term.

Among the projects approaching completion, the new Piraeus Judicial Complex in the Agios Dionysios district represents one of the most significant milestones. Three of the four buildings comprising the complex are expected to be delivered between 17 and 20 July, while the final building is scheduled for completion in early 2027. With a total gross floor area of approximately 36,000 square metres, the development constitutes one of the largest building investments financed through Greece’s Recovery and Resilience Facility. It forms part of the broader regeneration of the area, initiated through the redevelopment of the former Papastratos industrial site. Upon completion, it will become the first public building in Greece to obtain LEED certification, establishing a new benchmark for sustainability and operational efficiency within the public sector.

Substantial progress is also being achieved at the Korai–Stadiou redevelopment project, where a new office complex is being constructed to serve as the headquarters of Piraeus Bank. The property, comprising approximately 12,600 square metres of gross leasable area, is expected to reach around 95% completion by year-end and represents another landmark investment in the heart of Athens.

In parallel, completion of the new headquarters of the Technical Chamber of Greece (TEE) is scheduled for October. Located at the so-called “Ring” of Kifisias Avenue, the development is being implemented through a land-for-development arrangement, with a portion of the building to be transferred to TEE and the remaining space already leased to the Medical Center Group. Management further disclosed that an agreement has been reached for the sale of the property’s commercial component. Mr. Andriopoulos described the project as strategically important, as it will provide Greece’s engineering and technical community with a modern, architecturally distinctive headquarters.

In the area of large-scale urban regeneration, particular emphasis is being placed on the redevelopment of the former Softex industrial complex in Votanikos. Covering approximately 40,000 square metres, the project is expected to become the largest office campus located on the periphery of central Athens. Dimand invested in the area as early as 2020–2021, well ahead of developments related to the broader Votanikos regeneration scheme and the construction of Panathinaikos FC’s new stadium. Approximately 7,500 square metres have already been pre-let, while negotiations are underway for an additional 10,000 square metres. Delivery of the project is expected to take place progressively between 2027 and the end of 2028.

In Thessaloniki, the historic former FIX brewery property has formally entered the construction phase. Following the issuance of the initial building permit, excavation and retaining works have commenced, with underground construction expected to continue for approximately nine months. The mixed-use development will extend over roughly 51,000 square metres and will incorporate cultural facilities, residential units, hospitality uses, and food and beverage offerings. According to management, a significant commercial agreement has already been secured and is expected to be officially announced in early July.

At the same time, Dimand is advancing preparations for two of the most substantial investments in its medium-term pipeline: the Kamba Estate project in Pallini and the redevelopment of the Gournes property in Heraklion, Crete. Together, these projects represent an estimated investment volume of approximately €800–850 million. The company is currently finalising technical studies and permitting procedures while conducting advanced discussions with prospective occupiers, institutional investors, and development partners. Management’s objective is to ensure that project maturation is accompanied by robust commercial agreements that enhance both the long-term viability and value creation potential of the developments.

Meanwhile, the company is actively evaluating opportunities within the affordable housing segment, a sector of growing strategic importance in the Greek residential market. Discussions are currently underway regarding two potential sites, with the most likely scenario involving the development of a residential complex of approximately 10,000 square metres in the wider Petrou Ralli area. Financial institutions are also participating in the process, reflecting the critical role of structured financing in the successful execution of such projects.

On the capital recycling front, Dimand continues to pursue its strategy of monetising mature assets and redeploying capital into new developments. A key component of this strategy is Piraeus Tower, in which Dimand and the European Bank for Reconstruction and Development (EBRD) jointly hold a 70% interest. Following the sale of Prodea Investments’ 30% stake to a new investor, negotiations concerning the disposal of the remaining ownership interest are understood to be at an advanced stage. Nevertheless, management emphasised that there is no urgency to conclude a transaction, given that the asset is substantially fully leased, comfortably services its debt obligations, and generates positive recurring cash flows.

Supported by a development pipeline valued at €1.7 billion, a strong presence across Athens, Thessaloniki and Crete, a growing focus on residential projects, and a portfolio of transformative urban regeneration schemes, Dimand aims to sustain a robust growth trajectory over the coming years. Consistent with this strategy, the company also announced that it will not distribute a dividend for the current financial year, electing instead to retain capital in support of future growth and investment opportunities.