ECONOMY

AM eyes a bigger role in Greece

AM, Europe’s second-largest real estate developer, wants to increase its presence in the Greek market. AM is active in the domestic market through its subsidiary AM Development Greece (formerly MDC Greece). AM considers the Greek property market capable of attracting considerable investment, especially in commercial centers, and is looking at opportunities in choice locations in big Greek cities. Nico Veldhuis, a member of AM’s Board of Directors and responsible for company activities in southern Europe, confirmed this interest when speaking to an AM group presentation in Portugal. «We see significant development opportunities for high-quality, modern commercial centers in Greece, as well as interest from international investors to participate in such projects. Because of its advantageous geographical location, Greece can become the base for international businesses active in the Balkans and the eastern Mediterranean, especially with the expansion of the European Union, which brings new possibilities for economic growth in the area. A prerequisite for attracting international companies in Greece is for them to find buildings of high quality and aesthetics,» Veldhuis told his audience. He added he considered Greece’s market is very similar to Portugal’s. AM is the result of the merger of AM Amstelland, Europe’s second-largest real estate developer, listed on the Amsterdam Stock Exchange, and MDC Development, also a Dutch company, one of the largest developers of commercial centers and offices, with 23 years of experience. The merged company is active in nine European countries. In 2002 it posted a turnover of 847 million euros, and its portfolio includes plans to develop 40,000 houses and apartments. It has also secured locations to develop shops and offices with a total surface of over 2 million square meters. In Portugal, it has already developed five commercial centers.