Colliers to provide property management services for major new Athens shopping mall

Colliers International in Greece has announced that it will be the exclusive provider of property management services for Pasal Development's new mall in Athens which is to be named athensheart.

athensheart will feature a total GLA of nearly 20,000 m2 (and a TBA of approximately 58,000 m2) with some 80 retail units expected as well as a large food court. It will be spread over seven floors, three of which will be underground, with some 750 parking places.  athensheart will benefit from its excellent location in close proximity to the city center and will feature a retractable, partly-transparent roof.

Nicholas Yovanidis, Regional Director, Property Management Services, Colliers International, Southeast Europe, said, 'Colliers has a highly experienced and professional property management team that is trusted across the region to deliver on major projects. We look forward to providing the same superb quality of services for athensheart as we do elsewhere across the region and to ensuring that the customers to the mall enjoy a wonderful shopping experience.'

Andreas Marambos, Managing Director of Colliers International in Greece, commented,  'athensheart will be a landmark addition to the life of the capital and will be a major contribution to the retail sector in Athens. We are very pleased to be providing these services for Pasal and look forward to further co-ooperation in the future.'

Colliers International Southeast Europe was named Property Consultant of the Year for the region in 2008 for the third straight year. It has eleven offices in six countries: Albania, Bulgaria, Croatia, Greece, Montenegro and Serbia, and performs selected assignments in Slovenia, Bosnia & Herzegovina, FYR of Macedonia, and Cyprus.

Colliers International Southeast Europe currently has 3,000,000 m2 of projects under exclusive representation. It is bigger than all three of its nearest competitors put together, and has averaged growth of 69% in the last five years per annum.

Colliers International is a worldwide affiliation of independently owned and operated companies.

Pasal Development has been active in the real estate market since 1991. The company undertakes investments in real estate assets destined for commercial use (stores, big box and shopping centers), warehouse and distribution facilities (logistics), office buildings, and properties intended for residential use as second home. By possessing a strong real estate portfolio valued over €100 million, the largest part of which relates to commercial assets, Pasal aims at implementing major value added projects.

From the beginning of 2008 Pasal has been listed on the Athens Stock Exchange and continues to grow through the acquisition and development of new investment property. The company's strategy includes expansion in the Balkan region with Serbia as the starting point, where a subsidiary has already been set up.