Minion: Store in a Historic Building by Folli Follie

According to Greek media reports, Folli Follie began the process of selling real estate from the historic building that housed the Minion department stores in the center of Athens, sparking increased interest from realtors.

The building is currently a concrete box and needs serious renovation, but it is located at a key point in the center of Athens and covers an area of ​​21,000 square meters.

Interest in the purchase comes from both development companies and Real Estate Investment Societes Anonymes, which are considering real estate as a potential space for the development of a department store or hotel. It is interesting to note that there are also individuals from large financial institutions who treat the building as a profitable asset. Retailers and hotel operators appear to be interested in renting from anyone who ultimately acquires the building, and to that end, they are said to have discussed possible joint ventures.

First step

The sale process of a property located in a block surrounded by Patision, Satovriandu, Veranzeru and Douro Streets with an area of ​​21,000 square meters (this is more than one building that has been reconnected) was started a few days ago by Folli Follie, with a market supervision consultant …

According to the information, the building was estimated in the range of 25 to 35 million euros, but “it is not yet known how much the market is willing to pay,” explains the Athenian real estate circles. They also point to the fact that a larger area, which has been devalued in recent decades, may have recently attracted significant investment, mainly in hotel complexes, but “there is still a much higher risk rate than in the more developed areas of Syntagma and Avenue Singro. “It is noted that this property is not included in the assets pledged by the financial crime department due to the Folli Follie scandal.

Lenders

In any case, the company will have to receive a high price or enter into some other agreement with its creditors in order to be able to remove the two notices issued for this property. Since the investment company Arena and the bondholders’ lenders received Minion as collateral for the financing and support they provided in accordance with the company’s consolidation plan. The draft, the ratification of which is still pending before the Greek court, since the amendments made by the court after the first consideration were presented and discussed only a few weeks ago. The two shares have a value of about 22.5 million each. This means that in order for this transaction to go smoothly, creditors must agree to withdraw it.

Opened in 1944.

Minion department store first opened its doors in 1944, and since the 1950s it has grown into a large European-sized department store with tens of thousands of people and about a thousand employees. It was the first Greek store to use escalators and air conditioners. It was destroyed in an arson attack on Christmas Eve 1980.

It reopened after renovation in 1983, but now the company was saddled with huge debts that it had to incur to rebuild it after the disaster, and so it was nationalized. It had been unprofitable for almost ten years and eventually closed. Somewhere there, at the turn of the millennium, he came under the control of Faith’s group, and from there with Elmek to Folly Folly, who unsuccessfully tried to rent him out to the state to house public services. Then he “froze” all efforts. The current sales process is expected to continue through November with a buyer identified by the end of the year.





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