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Greece Exporting Shopping Malls

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The development of shopping centres was the dominant trend in Greek market during 2004-2008 period. But the sharp decline in domestic consumption, compound with the fact that malls rise in neighboring Balkan countries, has turn the interest of construction group abroad. 

In this context, Danaos Development in collaboration with Fourlis group is expected to begin the construction of Sofia Ring Mall in Bulgaria. 

Sofia Ring Mall, Danaos’s subsidiary, has signed agreements with Arcon Construstion and Glavbolgarstroy, Bulgaria’s largest construction company, for the implementation of the €51 million project. 

The first phase of excavations will last 13 months, and a new tender would follow regarding the implementation of the second phase. The mall would be connected via a cross-walk with IKEA, while the two centres would share a common parking lot. 

The mall will be one of the largest shopping centres in Bulgaria, covering an area of 70,000 square meters. 

15 months ago, GEK TERNA group in collaboration with Greek-owned company Assos Capital built the largest company in Bulgaria, budgeted at €200 million, covering an area of 66,000 square meters. 

Additionally, Reds company develops a shopping centre of 32,000 sq meters in Bucharest, which will also contain apartments, offices and a hotel. 

Moreover, Lamda Development launches a huge investment of €200 million in Serbia. The project is in phase of licensing and the construction will begin in early 2012. 

Finally, Bluehouse Capital invests also in the growing retail market in Balkan countries, planning operations in Romania and Croatia.

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