Babis Vovos International Construction (BVIC) is pleased to announce that it has signed a preliminary leasing agreement with Village Roadshow, the leading Australian international media and entertainment company, for part of the retail center it is developing at Delta Falirou (Greece).
The complex is situated in Palaio Faliro, one of the most densely populated areas of the Southern suburbs of Attiki, in an area that features residential and commercial developments. It is situated directly across the road from the new Olympic Martial Arts Centre and adjacent to a tram station, with easy access by public transportation.
The total development covers a land area of 9,734 m², with a final total lettable area of 13,627 m² of which approximately 40% is already completed. The complex will consist of two buildings with 1,000 parking spaces. Village Roadshow will occupy 6,150 m² on three levels of one of the buildings. Village Roadshow has signed a twelve-year lease with BVIC and the centre will open in early 2006. Village Roadshow currently operates three prominent theme parks in Athens and the Village's broad appeal will act as a tremendous attraction for the Delta Falirou complex.
Aris Vovos, CEO of BVIC said: "We are very pleased to have reached agreement with Village Roadshow for what will be a pioneering and very attractive leisure center. Village Roadshow, will operate traditional cinema halls, as well as opening the first V-MAX auditorium in Greece, with 700 seats, and Village Cinemas Gold Class show rooms, providing the ultimate cinema experience, in terms of comfort as well as service (beverages and food).
This letting establishes a strong relationship with Village Roadshow, a leading international media and entertainment company, as well as creating new opportunities for us in terms of letting the rest of the complex. Having Village Roadshow as the main tenant should ensure the success of the whole of the complex, rendering the property a prime asset. BVIC will keep the property under its ownership, confirming our commitment to grow our net asset value per share.
Carrefour and BVIC jointly agreed not to proceed with the preliminary sale agreement they had entered into under which Carrefour would have acquired part of a hypermarket development at Delta Falirou. BVIC received a deposit from Carrefour, which it has now returned, without incurring any penalty.
BVIC will maintain ownership and management of the property. We continue to enjoy a strong relationship with Carrefour, which has been a long-standing client of ours for the past six years. Carrefour acquired a hypermarket near the city center from us in 1999 which is now one of their most successful, flagship stores; our objective is to be in a position to secure further, similarly successful locations for Carrefour in the future."
Source: Babis Vovos