Greek utility PPC and real estate developer Dimand have established a joint venture to develop PPC’s new headquarters complex on Mesogeion Avenue, formalizing a partnership that started two years ago.
According to sources, the cost of the project is now estimated at around 180 million euros, up from the initial estimate of approximately 110 million euros (excluding VAT) outlined in the Environmental Impact Assessment during the project’s planning phase in 2024. The new company, Powerhub Properties, is owned equally by PPC and Dimand, with an initial share capital of 14.1 million euros.
Its purpose is to develop and manage the property formerly occupied by the Armed Forces Officers’ Club, where PPC’s new headquarters will be built. The two companies have been collaborating on the project for roughly two years, with Dimand acting as project manager during the investment’s preparation phase and contributing to the assessment of development costs.
The partnership is expected to reduce the capital requirements that PPC would otherwise have had to shoulder on its own, while also bringing Dimand’s expertise in the development of large-scale office complexes to the project. On its part, Dimand gains exposure to a landmark development with a secured long-term tenant, one of Greece’s largest corporations.
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