Four projects – enterprises, with a total construction cost of 0.5 billion. euros and a total construction of 127 thousand square meters, with the integration of green features and the application of sustainability principles, concerns Piraeus Bank’s strategic cooperation with Dimand.
As the general director of Piraeus, Christos Megalou, and the general director of Dimand, Dimitris Andriopoulos, said yesterday, it is “a dynamic partnership. It will be judged at all stages and due to its nature it can evolve without limits”.
The largest project is in Lavrio, the development of a 100-hectare waterfront area adjacent to the port (at the end of the town on the beach towards Sounio) where the Aegean textile factory was housed.
Based on initial planning, the aim is to recover the area and develop urban infrastructure and building facilities, which, among other things, will house residences, hotels, catering companies and leisure areas.
Dimand has reached an agreement in principle with the property management company, Strix Holdings II LP (Piraeus Bank shares), which controls Euroterra AE, the property owner.
It should be noted that in Euroterra, Piraeus holds 75% of the share capital, Kecrops and GEK Terna around 10% each and Intracom 5%.
The ambition of the two entities is that this investment, combined with the revitalization of the main port and the use of the marina, redefines Lavrio as an attractive tourist hub.
For the project, which will take at least 6 years to complete, the agreement of the city’s mayor, Dimitris Loukas, is guaranteed, according to the heads of the creators.
Renovations
Dimand undertook the urban development of the Lavrio project (construction of around 60 thousand square meters) and when the time comes for construction licenses, its participation in Euroterra’s share capital will be decided.
The second project related to the announced strategic partnership is in Thessaloniki, the renovation of the property of the historic FIX brewery, with a budget of 160 million euros, which Dimand launched with exclusive financing from Piraeus. They have reached an agreement in principle to provide a €100 million bond loan for this specific project, which will begin in early 2025 and be completed in 3 to 4 years.
It is observed that Dimand advances its projects with 30% of its own capital and seeks bank financing (project finance) for the remaining 70%.
The total area of the land is 23 hectares and the development concerns a mixed-use complex that will house residences, hotels, offices, cultural and sports spaces, restaurants and shops, certified according to the internationally recognized sustainable development system Leed at the Gold level . (such as and all projects that the collaboration concerns).
The other two projects in the partnership are renovations. The first is located in a property on Korai 4 street, in the center of Athens, which will be remodeled by Dimand, to which it belongs (it was acquired from Ethniki Asphalistiki) and will be delivered turnkey in Piraeus, to house central administrative units. It should be noted that today the Bank houses its central services in 19 different buildings.
Its total area reaches 15,000 m², of which 9,000 m². will be used to install the Bank’s offices and 3,000 m2. in retail and restaurant stores in the “Korai” gallery, creating a new center of commercial and entertainment activity in the center of Athens. The plan includes highlighting the listed ASTY cinema and the historical memory area of the Kommandatur from the period 1941-44.
The tradition
The delivery of the aforementioned building in Korai (and its sale by Dimand in Piraeus) is scheduled for September 2026 and according to what was said yesterday the cost of renovation is in the order of 20 million euros.
The second renovation, worth 20 to 25 million, concerns the property of the former Lambropoulos, on Stadiou and Aiolos streets. It belongs to the special purpose companies Lykourgos MAE and Ianos MAE, interests in Piraeus. Dimand will acquire a majority stake in the above-mentioned companies, while Piraeus will retain a minority stake. Today there is a Notos store there (the original contract has expired and there is an agreement to extend it for one year).
According to Megalou, through this cooperation, “the Piraeus Group, using Dimand’s strong know-how, strengthens the management of its real estate assets in light of the use of properties and the strengthening of social cohesion”.
“We look forward to creating economic added value with a positive environmental and social footprint,” said Mr. Andriopoulos, during the announcement of the strategic partnership.