Hellenic Properties: New 15m euros investment for the reconstruction of a former industrial building in a green office building

The redevelopment of an old, empty former industrial building in an office building by Hellenic Properties also marks the first in collaboration with the Greek ESG-focused fund Sirec Energy. It is a former industrial building in Taurus, very close to the metro line 1 station in Kallithea, a total area of 5,200 sq.m., which will be converted into a green office building, into an investment totaling 15 million euros. The project is expected to be delivered for use at the end of 2026 and is intended to be certified in the LEED standard. On the occasion of this announcement Henry Arones, CEO of Hellenic Properties, welcomes the cooperation with Sirec Energy, a pioneer in the green investment sector. Cooperation is part of the company’s overall strategy to bring green office buildings to the market accessible to 90% of Greek companies, with medium-sized 25% lower rents, of the highest green buildings in Athens today, notes Mr Arones. The building under development extends to 1,400 sqm per floor. It can be leased either whole, or partially “and offered for the use we propose it”, he points out. Speaking of cooperation with Sirec Energy, Henry Arones explained that the works of Hellenic Properties fall within the pillar of reuse of the building stock and their upgrading to green. This first new project is one of at least three investments to be made jointly within the next 18 months. ‘The reason we can offer more affordable rent is the reuse of the existing building-carcases, which in this case in Taurus is former industrial and does not need static aid. It is also a function of the area, as an entry point. This project is part of the total of 35,000 square meters of office space that we want to reach development within 2024″, the CEO of Hellenic Properties stressed. Speaking more generally about the market Mr. Arones said it continues to be functional at all levels. Especially in offices, hotels and residences there is consistently good demand and good absorption of the product produced, but the scissors grow between the old and new buildings. The main problem is construction costs and capacity availability, he added, but referring to initiatives by the government and major construction groups to cover jobs. SOURCE: RES-BE