In Dimand the Minion – over 25 million euros the price

LAST UPDATE: 18:03

By Eleni Botas – George Lampiris

The building that housed the historic Minion in Patission ends in Dimand as the company of D. Andriopoulos submitted, according to information, the highest price (over 25 million euros), in the relevant tender that “ran” last month.

The building belongs to Folli Follie and is an asset of the company that has not been pledged.

Dimand designs

The Minion property will have mixed use during the completion of the renovation works that Dimand intends to carry out, as sources close to the company in Capital.gr. This practically means that the design of the real estate development company includes the creation of office spaces as well as commercial spaces. The property has an area of ​​16,000 sq.m. requires an investment of an additional 30 million euros, an amount corresponding to 2,000 euros of investment per square meter, according to the same sources. The procedures regarding the start of the required studies on the property will be started immediately by the executives of the real estate development company.

According to the procedure, some more steps are pending to be implemented in the near future for the completion of the transfer of the property to the bidding company. This involves the approval of FolliFollie bondholders, banks and the board of directors. The salesperson will then call the bidder for a better offer.

In December the transfer of the property to the bidder and the final signatures

Regarding the signing of the required contracts for the transfer of the property is expected to be completed within December.

It is noted that Brown also participated in the process, through investment funds that represented it, given its high interest in the development of hotel units in the wider area of ​​Omonia.

In the process, despite the initial interest of five potential investors, four potential investment groups submitted bids. The door is open for the EBRD to participate in the scheme, something that was implemented in the case of the Piraeus Tower with the Dimand-EBRD partnership.

The historic Minion

Minion, which was once the heart of Greek retail, in the area of ​​Omonia, housed for more than 50 years a department store where a large number of people gathered every year and which during its heyday employed 1,000 employees.

The building was completely destroyed in 1980 when after a fire it caught fire but was “resurrected” in a short time.

After the fire, loans were granted and the store reopened, but it was finally nationalized in 1983 as the company was unable to make a profit again.

In 1998 it went bankrupt and the building was bought by the Fais family (Elmec Sports), which aspired to reopen the store after renovation.

Elmec Sports was acquired by Folli Follie and the Minion passed into the hands of the latter.

From 1998 onwards, various development plans were announced several times, but they did not go ahead.

In particular, years ago there was an agreement, which finally failed, between the State and Folli Follie for the relocation of the addresses and services of the Ministry of Environment.

The rumors then wanted the management of Folli Follie to consider the reopening of Minion as a department store, however, as its owners claimed, the conditions prevailing in the Greek economy do not leave room for new – such type – investments.

Then the Folli Follie scandal broke out and as a result, any work for the “return” of Minion went on the ice.