REDS: Timetable for Alimos Marina, “Small Elliniko” and Cambas Project – Debt Restructuring
Countdown to the issuance of the Joint Ministerial Decision for the redevelopment of Alimos Marina – 100% coverage of the Smart Park
The necessary Joint Ministerial Decision will be issued for the utilization and upgrading of Alimos Marina in order to proceed with the issuance of building permits, within the next few days, said managing director Giorgos Konstantinidis, from the floor of the annual general meeting of REDS shareholders. Construction work is slated to start in 2023, with the new marina delivered by 2025.
According to the plan, the revamped Alimos Marina will include among other things, a zone of shops and restaurants, a hotel, a pier, a pedestrian and bicycle path, a command and control tower of the marina, a 850 – 1,000 space parking lot. The redevelopment includes a land area of approximately 21 hectares.
Cambas Project
In the first half of next year, according to the management, the bulldozers will also enter the other large planned project of the company, the Cambas Project, worth more than 200 million euros, in the former Cambas estates in Pallini.
Completion of the projects, which include office buildings, a museum, a restaurant, a mall, a small 40-bed hotel and cultural spaces, is expected in 2026.
Gournes
In addition, last December, REDS bid in a Hellenic Republic Asset Development Fund-HRADF tender for the purchase of the property of the former Gournes Base in Heraklion, Crete, with a total area of 345,567 m2, offering 42 million euros.
Currently, the HRADF is preparing the special purpose vehicle (SPV) to which it will deed the property. The SPV will then be transferred to REDS.
In the “Small Ellinikon”, as it’s called due to the similarities with the major regeneration of Ellinikon in the coastal zone of Attica, casinos, complex tourist accommodation, conference rooms, shopping centers and office buildings will be developed.
Smart Park
At the same time, Ellactor’s real estate subsidiary is negotiating with National Bank and Piraeus Bank for the refinancing of its loans worth 36 million euros.
The aim of the negotiation is to achieve better interest rates and a longer repayment period. In the same context, the extension of its borrowing is being discussed in order to finance the company’s developments.
SmartPark in Spata with a total area of 53,000 m2, which is currently the main source of income for Reds, is currently 98% leased and will reach 100% within the year.
Reds is considering the purchase of neighboring plots and planning additional cost-effective actions that will also increase the traffic at the shopping park.
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