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The listed building was constructed by silk merchant Ioannis Michalopoulos and is a characteristic example of Athenian Belle Époque architecture.
It is expected to play a decisive role in enhancing the competitiveness and extroversion of the Greek economy.
The long-term lease agreement for the property concerns the beach and its facilities as they are and are located (as is, where is) for 20 years with the right to extend for an additional 10 years.