DTZ Holdings Plc - Retail Sale - Investors Say Yes To Greece As First Major Investment Deal Completes

Date: 01 May 2001

The Pradera European Retail Fund has completed the first significant international investment deal confirming the increasing interest of international investors in Greece since it joined the Euro in January 2001.

TrizecHahn and Village Cinemas International, advised by DTZ EuroInvest and DTZ Mihalos, have disposed of Village Entertainment Park to the Pradera European Retail Fund for around €60 million. FPDSavills advised the Pradera European Retail Fund.

John Glassett, for Pradera, said: "Pradera is delighted to be able to add the Village Entertainment Park to its existing out of town retail portfolio in Italy, Spain, Portugal and Turkey and looks forward to working on further investment opportunities in Greece."

Chris Gallaher, the recently appointed CEO of Village Cinemas International said: "The successful sale of our property interest in the Village Entertainment and Retail Park, and the lease-back of the multiplex cinema component, confirms our original vision for the Greek market and we look forward to working with Pradera in developing further opportunities in Greece."

Peter Collins, head of DTZ EuroInvest said: "Since the drachma joined the Euro there has been a significant increase in the number of foreign investors looking at the Greek market. This transaction is clear evidence of that trend and sets the precedent for further investment activity in Greece."

Ian Jones, European Investment director at FPDSavills said: "It is estimated that three million people visited Village Entertainment Park in 2000 and cinema attendances were up around 12% on the previous year across the country. Yet the frequency of cinema visits per head is only 1.3 against the European average of 2.5, demonstrating the performance potential of the cinema and retail elements of Village Entertainment Park."

The Village Entertainment Park is situated in Rendis 4km Southeast of Athens City Centre. The three-level, open-air centre extends to approximately 20,600 sq m and includes a 20 screen Village Cinemas multiplex cinema providing 4,516 seats, the largest cinema complex in Greece. The centre’s 4,600 sq m shopping mall includes major international brands such as Mango, Benetton, Levis, Virgin Megastore, Nike, Timberland and Swatch. There are 4,750 sq m of bars and restaurants including KFC, Pizza Hut and Planet Hollywood, all of which are a strong attraction for the increasingly affluent Greek youth.

Where do I go now?: » View the latest news items » View the news archive » Subscribe to Weekly Construction Newsletter » Submit news