BUSINESS

Dutch group to build new mall on Crete

NIKOS ROUSSANOGLOU

TAGS: Property, Business

Dutch property development group Ten Brinke is gearing up to implement an investment program in Greece that is seen exceeding 70 million euros, through its local subsidiary, Ten Brinke Hellas.

Its biggest project concerns the construction of a new mall on Crete. It will span 25,000 square meters on a plot twice that size. Sources say that the necessary permits are expected to be issued within 2020, and the project’s budget is estimated at some 40-50 million euros.

Property market professionals note that the development of a regional commercial focus point on Crete is a particularly smart move, given that the island is set to see the development of new tourism complexes over the next few years; these will further strengthen the tourism influx, not only of foreign visitors in the summer months, but also new owners-inhabitants, since a considerable portion of the buildings planned are holiday homes for foreign investors.

Ten Brinke is also active in Attica, with the acquisition of a 15,000 sq.m. plot that used to house the VIS factory on Pireos Street from Israeli company Plaza Centers.

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