More than 20% increase over 2019, figures show Shopping center Smart Park during nine months of this year, clearly demonstrating that the “outer space” centers were able to recover faster than others commercial real estate, in the post-pandemic period. Of course, in the case of Smart Park, the increase in available stores by expanding by 16,500 sq.m. also played a big role. which was completed three months before the start of the pandemic.

According to data released by REDS, a subsidiary of the Ellactor Group, in the nine months of this year, there was a significant increase in park attendance by 21% compared to the corresponding period in 2019. turnover conditions, for the same comparison period. Overall, REDS reports an increase in revenue for the nine months of this year by 41.3% to 6.5 million euros from 4.6 million euros. Accordingly, profit after tax increased by 932% to 0.9 million euros, compared with a loss of 0.1 million euros last year.

The company is currently considering purchasing neighboring Smart Park sites where additional uses are planned to further increase commercial park traffic. At the same time, negotiations are at an advanced stage with the National Bank to refinance a loan related to the recent investment in the Smart Park expansion (about 25 million euros), with improved conditions and lower costs.

Also in the first half of 2023, a building permit is expected to be granted on a 315-acre site (formerly Ktima Kamba) in Kanza, Pallini. This is a €200 million investment that REDS has been promoting for almost two decades. With an appropriate investment plan, 50% of the area will be dedicated to a large park, which will be surrounded by important public green spaces, even in the part of the territory that will be developed. Accordingly, out of 90,000 sq.m. built-up surfaces, almost 50,000 sq.m. will concern offices, 25,000 sq.m. cultural spaces and 16,400 sq.m. shops and restaurants. In addition, a small hotel with 40 beds will be created. The project is expected to be completed in 2026.

Regarding the reconstruction of the Alimos wharf, the company is awaiting a Joint Ministerial Decision (JDA) to proceed with the issuance of permits, a process that is likely to be completed in the first half of 2023. It is planned that in Alimos Marina, among other things, a zone of shops and restaurants, a hotel, a pier, a pedestrian and bicycle path, a control tower of the marina, a parking lot for 850-1000 places will be built. The redevelopment includes a land plot of about 210 acres. The total investment is expected to reach 50 million euros.