Hines creates JV to develop outlet mall in Gazi, Athens

International real estate firm Hines has entered into a joint venture with the National Bank of Greece (NBG) to redevelop a shopping centre in Athens into a 22,000 m2 outlet mall.

Financial details were not disclosed.

The scheme, which will be renamed Gazi Outlets, will transform the existing Athens Heart Mall, with a targeted completion of 2021.

'Gazi Outlets will become a very compelling destination in the heart of the Greek capital, combining the best of Greek and international fashion with quality venues in which to eat, drink and relax,' said Paul Gomopoulos, Hines’ Greece regional head.

'We are attracted to the thriving and dynamic neighbourhood of Gazi, famous for the Technopolis cultural centre, which is popular with both locals and tourists,' Gomopoulos added.

The firm said that anchor tenants were already in place, and that the complex would feature a new cinema.

'Hines has a global retail portfolio of over 1 million square metres and significant international experience of developing and operating outlet malls, including as the largest outlet operator in Russia,' noted Gomopoulos. 'We have a clear strategy to reposition the asset and will bring our international and local expertise to bear to create an exciting new destination in Athens.'

Located in Athens’ Gazi district, the mall is 2 km from the Acropolis and a 10-minute drive from the city centre.

Hines entered the Athens market in 2017 with the acquisition of the Athens Ledra Hotel, which became the Athens Grand Hyatt hotel following an extensive renovation in joint venture with Henderson Park.

In March 2019 Hines acquired 23 Vasilissis Sofias Avenue, a prime office building in the centre of Athens.

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