ECONOMY

Construction to start on Yialos mall

REDS, a subsidiary of construction firm Ellaktor, will soon start building work on a shopping mall in Yialos, near Spata, southeast Attica. Permits for the project, on land stretching over 31,000 square meters, were awarded a few days ago after changes were made to the original building plan. The shopping mall is expected to start operating in the first half of 2011, while the first phase of construction will start after financing arrangements have been finalized. The project will be financed by funds raised through a REDS share capital increase. The mall will include retailers from different sectors, including toys, furniture, electrical appliances and clothing stores. It will also provide 2,150 parking spaces. Sources said there has been strong interest from large retail chains in leasing space, with final agreements expected to be signed soon. In the first half of the year, REDS reported a loss of 2.4 million euros at the group level, which the company largely attributed to foreign exchange losses.