Dimand and Piraeus Bank ink landmark deal for real estate development

The agreement as a whole refers to the total regeneration of two buildings owned by the bank in the center of Athens, the development of the area of ​​the old Aegean textile factory in Lavrio and the financing of the renovation of the FIX industrial complex in Thessaloniki through a €100 million bond loan.

The projects

Assignment to Dimand of the renovation of the property on 4 Korai Street in order to house central administrative units of Piraeus. Its total area reaches 15,000 sq.m., of which more than 9,000 sq.m. will be allocated for the installation of Bank offices. In addition, 3,000 sq.m. will be made available to retail and food outlets in the "Korai" arcade. The plan includes the highlighting of the listed ASTY cinema and the Kommandatur historical memory area of ​​the period 1941-44. Dimand will undertake the redevelopment of the property in question on the basis of agreed experts specifications that include LEED Gold sustainable building certification.

Dimand's acquisition of a majority stake in the special purpose companies LYKOURGOS MAE and IANOS MAE, which own the property on Stadiou and Aiolou streets on which the Notos department store in Hauteia is housed (Lambropoulos Brothers), Piraeus bank acquired full control of two companies against the claims of Notos com and is now the sole owner of the buildings at the corner of Stadiou Aiolos as well as the neighboring one (Lykourgou 6-8). It is noted that the lease contract from Notos Com has expired and the lessee remains in the property based on annual extensions of the contract, while according to the same information the store will remain closed during the above works and therefore the two sides will be in negotiation table for the future of the store.

Development of the coastal area of ​​100 acres in the port of Lavrio where the facilities of the old Aegean textile factory are located. Dimand has reached an agreement in principle with the management company of Strix Holdings (Piraeus Bank) which controls Euroterra A.E., owner of the property. The property has access to high-voltage electricity and can accommodate large computing power infrastructures (data centers), and connection to road, rail and sea networks. Piraeus will retain a minority stake in the two companies. It is recalled that for the port of Lavrio, a tender has been announced by TAIPED (Public Private Property Development Fund) in order to upgrade it to a main port of connection with the Aegean islands.

Finally, the agreement includes the granting of a bond loan of €100 million to finance the redevelopment of the FIX industrial complex in Thessaloniki. DIMAND has already launched investments of over 150 million euros for the redevelopment of the emblematic property, both in listed buildings and in new construction.

It should be noted that for part of the building (about 7,500 sq.m. out of the total of about 15,000 sq.m. of preserved buildings) the Ministry of Culture is initiating the direct acquisition or forced expropriation, which is designated as a historical preserved monument, in Thessaloniki.