Indotek Group Acquires Three Shopping Malls in Greece

Real estate investment and acquisitions company Indotek Group has acquired three shopping centers in Greece.

In a statement, the Budapest-based company quoted Philip Wood, Indotek's managing director for transactions and asset management, as saying that in addition to its retail ambitions, "Indotek Group is actively exploring further expansion opportunities in the Greek hotel industry." The company has recently started a complete reconstruction of one of its hotels in Athens.

The newly acquired malls have a total of 67 stores and all of them are hypermarkets of the Sklavenitis chain. Tenants include international and local brands.

Chris Geropantas, Indotek's Head of Greece, said in a statement that the acquisition confirms the company's commitment to the Greek market and is an important milestone in its expansion plans.

Indotek, which is present in 12 European countries, manages a portfolio of more than 350 properties, representing over 2.5 million square meters of gross lettable area.

According to information published in the Greek press, the transaction just closed concerned Patra Mall in the Perivola district of Patras, Efkarpia Mall and Makedonia Shopping Centre in Thessaloniki. The seller was a major player in the European retail real estate market and one of the oldest foreign investors in the Greek real estate market, the French Klépierre.