Dimand’s Strategic Developments and Future Outlook
As shared during the presentation of results at the Institutional Investors Association, Dimand’s management is targeting the maturity of its Skyline property portfolio through either utilization or sale by 2025. The company's pipeline includes five significant developments, with negotiations expected to wrap up this year. According to Mr. Dimitris Andriopoulos, CEO of Dimand, the company remains focused on urban redevelopment, with an emphasis on mixed-use projects, including office spaces (for which demand continues to grow), city hotels, resorts, and residential developments.
Mr. Andriopoulos highlighted that these five new projects will have a Gross Development Value (GDV) exceeding €1 billion.
Responding to a related question, Mr. Andriopoulos confirmed that Dimand is among the bidders for the property of Ethniki Asfalistiki on Syggrou Avenue, having participated in the non-binding offer phase.
The Minion Building Transformation
The central offices of Inditex, the parent company of ZARA, are expected to open at the Minion building before Easter. The company is currently undergoing a transformation, opting for larger spaces over 6,000 square meters. Dimand’s management also stated that by the end of 2025, development of residential units at the site will commence, with strong market interest. The building, which is set to change ownership this year, also houses PPC (Public Power Corporation), which has moved into three floors.
Piraeus Tower – A Key Milestone
Regarding the iconic Piraeus Tower, which is currently 76% occupied, Mr. Andriopoulos described it as a "ghost property" that has now come to life, adorned with green building elements. He emphasized that the tower’s occupancy rate will reach 100% within the next four months. The property is valued at €135 million.
Significant Milestones for Dimand in 2024:
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Opening of Piraeus Tower.
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The transfer of property on 26th October Street, Thessaloniki, from Citrus M.A.E. (100% subsidiary) to the Commercial and Development Bank of the Black Sea. The bank will relocate its offices to this building.
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Dimand’s agreement with Piraeus Bank regarding the transfer of shares in Iovis A.E. (100% subsidiary), which owns property at 30 Stadiou Street and 4 Korai Street in Athens, where Piraeus Bank’s services will be housed after renovation.
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Transfer of 65% of shares in Ourania Investment S.A., which owns the first large-scale bioclimatic business park in Northern Greece, located on 26th October Street, Thessaloniki.
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Transfer of shares in Severdor Ltd (100% subsidiary), the sole shareholder of Insignio M.A.E., which owns the new PwC office complex at 65 Kifisias Avenue, Marousi.
Skyline Project – A Strategic Expansion
On December 20, 2024, Dimand successfully completed its participation in the Skyline investment scheme, marking one of Greece’s largest and most complex real estate transactions. This move allows Dimand to expand into property exploitation in partnership with Alpha Bank, Premia Properties S.A., and the European Bank for Reconstruction and Development (EBRD).
Out of the 695 properties initially valued at €438 million, Dimand will retain 30 properties, which will continue to house their original tenants. The annual rents from these assets stand at €10.2 million, expected to rise to €23 million in three years. Notably, one of these properties is a prime asset located on Sofokleous and Aiolou Streets, intended for hospitality use.
Key Projects in Softex, VELKA, and Strategic Collaborations
The former Softex paper mill in Votanikos is currently under construction, with leasing agreements already in place with two companies.
The 3V project, a joint investment between Dimand and AVAX Development at the VELKA property in Piraeus, is advancing with a major urban development plan. This plan, which includes the creation of office spaces, residential units, and cultural facilities, has already been approved by the city council and is expected to be submitted to the Council of State for further approval. The project will encompass five properties, including Dimand’s, and will feature a 23-acre park.
In central Athens, as part of a four-point strategic agreement with Piraeus Bank, Dimand is overseeing the significant redevelopment of the property at 30 Stadiou Street and 4 Korai Street. This building will become the new home for Piraeus Bank’s offices, with the project expected to complete by 2026. Additionally, Dimand will renovate the Notos department store property, with advanced negotiations ongoing to retain Notos as a tenant in the new green building.
Dimand’s strategic agreement with Piraeus Bank also involves a project in Lavrio, where Dimand is handling the urban development of a 100-acre seaside plot adjacent to Lavrio port. This land, 75% owned by Piraeus Bank, will be developed with tourism and residential uses. If the proposed 62,000 square meters of construction proceeds, the investment is projected to exceed €200 million.
Challenges and Opportunities in Northern Greece
In Northern Greece, Dimand is working on the development of a logistics hub at the former Balkan Export site in Thessaloniki. Although the property has reached urban and regulatory maturity, the delayed development of the port and the land zone has hindered agreements. Mr. Andriopoulos noted that Dimand is in talks with European chemical and food companies interested in the site, but the lack of progress with the port is a major challenge.
Dimand views the port of Thessaloniki as a critical component for enabling future real estate agreements in the region.
The FIX Complex and Future Prospects
Finally, in Thessaloniki, Dimand continues to advance the final studies for the FIX complex, with active negotiations with potential tenants. The company is also focused on the Thessaloniki International Fair redevelopment competition, an ongoing area of interest.
