ECONOMY

Expansion of River West is ready to start

expansion-of-river-west-is-ready-to-start

Works are set to begin on the extension of the River West shopping center on Kifissou Avenue in Aegaleo, western Athens, in the next few days. Sources say the implementation of the 18.5-million-euro investment is close to starting after more than two years of planning.

Noval, a subsidiary of the Athens-listed Viohalco Group, is planning the construction and operation of a commercial property adjacent to River West – effectively an extension to the mall – with 8,000 square meters of space.

The new building is expected to host new stores, without ruling out the addition of entertainment uses that would enhance the appeal of the mall. Currently River West has an area of 20,000 sq.m. The 35-million-euro investment was launched in 2011.

As demand for store leasing within malls has remained high for years and the occupancy rate at River West comes to 97 percent, the need for its expansion was never in doubt.

Therefore Viohalco acquired a neighboring plot of 3,700 sq.m. and a 20,000 sq.m. building, planning the extension of River West with the addition of new brands.