Dimand is currently implementing a €1.7 billion investment program, which could reach €2 billion, as the company prepares for four exits and new investments in the near future.
Speaking yesterday at the company’s Annual General Meeting, Dimitris Andriopoulos, CEO, noted that the development company’s target is to operate in the range of €1.5–2 billion.
“What contractors refer to as ‘uncompleted work,’ we call Gross Development Value—that is, the value of the projects we are implementing,” he noted.
“The company’s structure, its financial framework, and the contractors’ ability to deliver such complex projects have led us to a number of between 10 and 15 projects and a value of between 1.5 and 2 billion euros.
Right now we have six active construction sites and we’re adding two more. The construction market can’t handle any more. “If you consider that the Elliniko project—which is massive in and of itself—is being implemented, along with all the other projects underway, whether small, medium, or large, the market simply cannot handle any more building projects,” added Mr. Andriopoulos.
Projects nearing completion
Among the projects set to be completed in the coming period is the Piraeus Courthouse, an 81-million-euro project. Specifically, three of the four buildings will be delivered by July 20, while the last one will be ready early next year.
The second project nearing completion is the 12,600-square-meter building at Korai and Stadiou Streets, owned by Piraeus Bank. It is estimated that 95% of the project will be completed by the end of the year.
Progress is also being made on the Amarousio Ring, where the total development, including the basements, amounts to 24,857.60 square meters.
“In October, it will be handed over to the Technical Chamber of Greece, and the rest, as you know, is all leased to the Medical Center, and we have agreed to sell it,” he added.
What’s happening at FIX and Gournes
There is also activity at two of Dimand’s largest projects: the redevelopment of FIX in Thessaloniki and Gournes in Crete.
For the project in the co-capital, the first construction permit was issued three weeks ago, and the first phase—excavation and shoring—is underway. In fact, the name of the company that will take over the complex’s hotel is expected to be announced in early July, with reports suggesting it is likely to be Hilton.
Regarding the property in Gournes, Crete, the CEO emphasized that the primary goal is the issuance of the joint ministerial decision and the submission of the application for the building permit, while “we are in very serious, advanced commercial discussions with tenants, and I believe we will make these announcements within the year.”
Discussions regarding the Piraeus Tower are ongoing
As for the Piraeus Tower, the property is almost entirely leased, so the loan is fully serviced by rental income.
“For the past five months, we have been in advanced negotiations to sell the remaining 70% that we own together with the EBRD. We are not concerned, to put it bluntly, that this transaction did not take place last year, because the Tower is financially profitable for the company and not just for servicing the loan. I think the deal will go through within the year,” emphasized Mr. Andriopoulos.