Greece’s privatization fund (HRADF) on Tuesday afternoon announced that the sale of the landmark Modiano enclosed market in the northern port city of Thessaloniki has been completed, with One Outlet S.A. purchasing 43.63 percent of the property’s indivisible ownership.
One Outlet was previously proclaimed the highest bidder in the tendering process conducted by HRADF, whose official name is the Hellenic Republic Asset Development Fund.
The winning offer reached 1.9 million euros.
The Modiano market was built in 1925 in Thessaloniki’s main commercial district.
In a press release, HRADF refers to the property as one of the one of the most important structures of the interwar period and the largest preserved arcade in the city’s center.
“HRADF expects another significant investment with today’s signature. Restoring and highlighting the building are major challenges for the investor, from whom we expect not only to respond to both, but also to make the next big step. The aim is not only to rescue the Modiano Market as a monument, but to revive the history of the city and the memories of its residents, as well as to create synergies within that particular neighborhood,” HRADF president Lila Tsitsogiannopoulou said after completion of the transaction.
