The investment by Piraeus Bank and Dimand SA in Lavrio for 420 luxury residences and 50 villas – called “small Ellinikon” or just “Project Lavrio”- and the wider transformation of the region, with real estate developments and a new port.
A “small Ellinikon” is set to be created in Lavrio, in the southeast of Athens, in the coming years by Piraeus Bank and Dimand, as the bank and the publicly traded real estate development company recently entered into a strategic partnership for the redevelopment of a series of buildings in Attica. The specific redevelopment of Lavrio involves the creation of 420 luxury residences and 50 villas on approximately 100 acres of property owned by the company “Nimatourgheio Aigaion,” which no longer exists.
Dimand is set to acquire an equity stake in this project, and it is worth noting that apart from Piraeus Bank, which is currently the main shareholder of the company managing the property, both Intracom and GEK Terna are also involved, either directly or through their affiliated company Kekrops AE. Specifically, the company Euroterra, in which the main shareholders currently hold a 75% stake, includes Strix Holdings, an interest of Piraeus Bank, GEK Terna with a 10% stake, Kekrops with 10%, and Intracom with 5%. The total investment is estimated to be around 300 million euros.
Looking back at the historical trajectory of this specific area, in 1955, “Aigaion S.A.,” owned by the Karella family, built the large textile factory in Lavrio, employing around 1500 workers, and closed in February 1990.
The history of Lavrio and the new Port
This investment is part of the broader redevelopment of the Lavrio area in the coming years, while a competition is underway for the concession of the city’s port, in which eight investment schemes are participating. The port of Lavrio is set to be privatized, with plans for its connection to the suburban railway. The port also holds licenses for operating a marina and a heliport, among other facilities.
Read the rest of the article here: https://www.noupou.gr/en/real-estate/the-next-day-for-lavrio-a-hub-of-tourism-development-and-urban-renewal/
