Major shopping centers set to mushroom across the capital

Central Athens, the city's southern suburbs and Piraeus are expected to be the main locations of the next generation of shopping centers planned for the broader capital region by the end of the decade.

This concerns total investments that may exceed 1 billion euros and would have already opened for business were it not for the usual red tape and the extension of the financial crisis since early 2015 due to political and economic uncertainty. What is most significant about the mall investments is that they will see foreign investment funds play a leading role.

The most mature plan concerns the Academy Gardens mall at Akadimia Platonos, western Athens, being developed by Artume, a subsidiary of US group BlackRock. Early last week the Council of State approved a presidential decree on the property's construction terms, so the 300-million-euro investment is now heading for...