BVIC SA has completed the demolition of the existing buildings on the Votanikos site, and has already started with its excavation. The company has made significant progress on the project having received the demolition and excavation permits as well as approval from the Athens National Heritage. With its actions the Municipality of Athens is setting the foundations for the regeneration of Votanikos, on the land plot 45-46-50, where the stadium of PAE Panathinaikos is relocating. The land plot neighbouring 45-46-50 is land plot 45a, which belongs to BVIC SA.
The Votanikos shopping mall, located in South West Athens, nearly 3 km from the city center, will incorporate approximately 69,000 m² of GLA as well as 3,000 parking spaces, making it the largest shopping mall in Greece. It is scheduled for completion in the first half of 2009 with expected total land and construction costs of circa €250 million. The Votanikos shopping mall and the 340 Syggrou Avenue commercial center - which is expected to be completed in June 2008 -, are anticipated to generate €40 million in annual rental revenue for the first year. These developments significantly increase the scale of the Group's activity in the retail sector, consistently with the Group's expansion strategy. The Group is also expanding into the tourist development sector where it has two large projects in its pipeline that will consist of over 36,000 sqm of gross lettable area on land plots of 131,000 m².
Babis Vovos, Chairman of BVIC SA, said, "We are delighted with the progress made on the Votanikos shopping mall and the approvals we have received from the local authorities. We anticipate strong demand from occupiers given the mall's critical mass and location, as well as the scarcity of prime retail development in Greece. We are confident in the success of the shopping mall which is set to be a premier retail destination located next to the heart of Athens' city center."