REDS: Acquire an additional 100 acres in Smart Park – The plans

of Eleni Botas

REDS proceeded with the acquisition of adjacent plots in the Smart Park shopping center in Spata.

This is a plot of land of 100 acres in total, for which at the present stage the management of the company is considering plans for its development.

These are areas that belonged to AKTOR but also to other small owners in the area, which were acquired by the subsidiary of the ELLAKTOR Group, recently.

The aim is the operation of additional actions that will increase the traffic of the shopping center, which according to the financial report of 2021 “the subsidiary GYALOU EMPORIKI & TOURISTIKI SA (which owns the shopping center) had managed to lease 90 % of the surface of the new growth while it is in advanced discussions with the National Bank and is considering the possibility of refinancing its existing borrowing with lower costs and improved terms in order to strengthen its financial resources.

The company will continue its efforts for the lease of 100% for the exploitation of the area of ​​the shopping center, with a total area of ​​53,000 sq.m. about. The total exploitation is already at 97% “.

Regarding the Cambas Project development project in the Kantza area, following the issuance of the presidential decree of urban planning approval of the Area of ​​Organized Development of Productive Activities, the Business Plan was updated and the final configuration procedures of the Master Plan follow.

This will be followed by the issuance of building permits within the next year, so that the construction works can begin with a time horizon of their completion in three years.

Finally, regarding the area of ​​the former American base in Gournes, Heraklion, the REDS administration is in the process of preparing a master plan for the utilization of the area.

The plan for Gournes under consideration is two hotel units, holiday homes, a conference center, shopping malls and a marina.

There are other plans from the Reds which are already under consideration and are expected to be finalized in the near future.

Regarding the cost of the investment, it is expected to reach 200 million euros, while significant interest has already been expressed in the project by both Greek and foreign investors as well as by a large financial group.