Why Piraeus? Billions€ Upgrading Investment Plan Is Expected

The Port of ​​Piraeus is an important ferry port in Europe, as well as an important cruise port, car ship transfer port and ship repair center in the Mediterranean Sea. The Port of Piraeus just reported on 15 March the highest level of profitability in its history during 2021, with profits after taxes surpassing $40 million (€36.8 million), a significant increase of 39.4% compared to 2020. Piraeus Port Authority believed the dynamic sustainable growth path will expand Piraeus port into the biggest harbor in Europe and one of the most important ports in the world in environmental, digital, societal and governance terms.  

Since 2009, COSCO SHIPPING has started to operate No. 2 and No. 3 container terminals in Piraeus. In 2020, a Greek court gave the go-ahead for China’s COSCO to increase its stake in the Piraeus Port Authority (OLP) from 51 percent to 67 percent. It is believed the further investment would not just bring the thriving prospect of the port but also spur the economic activities and benefit the local community.   

No less than the thriving prospect of the port, Athens-Piraeus Street and its surrounding area have at least 7 medium and large real estate investments led by either listed real estate developers or private equity firms. The projects are either in completion stage or are in preparation to commence construction, gradually transforming Athens-Piraeus Street from a purely industrial street to a modern one with offices, commercial space and urban resort development.  

Our newly developed Project One and Ipsos@Piraeus are located in Kaminia, an old satellite residential and commercial area to Piraeus.

Kaminia is located in a key location in the urban renewal area of ​​Piraeus, surrounded by many medium and large-scale complex real estate investment projects. Planning or completion: 

• West: The new office area investment project led by the real estate company Dimand is transforming the old tobacco factory buildings of Papastratos into a modern office and residential area with retro features. The Tower of Piraeus is the second highest modern commercial office and residential building in Greece.  
• South: CHROPEI will be transformed into the first national R&D and innovation center, and the adjacent IVI historical factory is planned to be transformed into offices, restaurants, leisure, hotels, parks, cultural spaces and residences, with an estimated investment of more than 100 million euros.  
• East: EOMMEX, an old warehouse of 3,300 square meters in the past 80 years, will also be converted into an office, residential and medical service center. The original Viohalco factory will be converted into an area with office, residence, hotel, cultural leisure and technology research and development. Total investment It is expected to exceed 150 million.