Premia Properties acquires Athens Heart shopping center for 15.7 million euros

Premia Properties proceeded to acquire the “Athens Heart” shopping center. The property together with all its fixed and mobile assets, active leases, administrative operating licenses as well as licenses and trademarks, were transferred to the company Primalaft Athens (100% subsidiary of Premia), for a price of 15.7 million euros.

Thus Premia comes into the possession of a property with a total area of ​​54,000 sq.m. and leasable area of ​​18,500 sq.m. on a plot of land of 10,600 sq.m. The acquisition comes in implementation of the 31.8.2022 court decision which ratified the Consolidation Agreement of the Doreco company, owner of the shopping center.

The price as well as the liquidation product of the remaining assets which were not transferred to Primalaft and remained with Doreco, will be used to pay off the latter’s obligations, in accordance with the Reorganization Agreement. Primalaft starts its activity with zero debt bank and no debt to the Greek State, insurance funds or third parties ensuring the smooth continuation of the current operation of the shopping center.

Mr. Ilias Georgiadis President of Premia Properties noted that the firm is already studying the determination of the best uses (repositioning) of the property, which include green and sustainable offices with mixed commercial uses.