Sonae Sierra and Bluehouse are developing the first outlet in Thessaly
A new integrated shopping and leisure experience in Larissa
The investment will reach €9 million
Thessaly gets its own outlet. Portuguese Sonae Sierra, an international retail real estate company dedicated to serving the needs of investors, and Bluehouse Capital, a real estate investment and management firm, are joining forces for the creation of a new commercial scheme in Larissa, Fashion City Outlet, an ideal destination for fashion and fun enthusiasts. It is the only discount and leisure center to be operating in Larissa and the wider region.
Fashion City Outlet is expected to open its doors in the following months as a new proposition for the residents in the area, only a few minutes’ drive from Larissa and in a distance of less than an hour from Volos, Karditsa and Trikala.
Sonae Sierra and BlueHouse Capital will invest €9 million for the renovation and renewal of the existing facilities. Fashion City Outlet will extend to 20,000 sq.m.. It will host 70 well-known stores, offering selected clothing and footwear brands (some of which will be available in the area for the first time), at significantly reduced prices, all year long.
Fashion City Outlet aspires to offer a unique shopping experience for fashion, electronics, entertainment, combining the best prices with top entertainment choices, such as a Village Cinemas multiplex with three cinema halls, a brand-new Volta Fun Town playground, as well as a wide variety of restaurants and cafeterias. It will also have a parking with 1,600 spots available for free.
Fashion City Outlet’s operation will contribute significantly to the local economy’s growth, with benefits to be spread out to the wider local community. The new outlet will create at least 600 new jobs, for which priority will be given to local residents, while it is expected to commercially boost local market traffic, as it will attract consumers and visitors from the wider region. At the same time, the aim is to create mutual beneficial partnerships with Greek companies who wish to operate in the area, as well as with local clothing, footwear and food businesses.
Mr. Nikos Roupakas, Asset Manager of Bluehouse Capital, commented: “We have created a unique shopping and leisure experience at the heart of Greece. Fashion City Outlet offers the best of both worlds – fashion and fun – aspiring to become a pole of attraction for the residents of Larissa and the wider region of Thessaly.”
Mr. Thanos Efthimiopoulos, Managing Director of Sonae Sierra in Greece, added: “We are confident that Fashion City Outlet’s development will have a positive impact on the local economy, both during the reconstruction stage, as well as when in full operation. On our side, we intend to work closely with the authorities and business associations of the region to maximize the benefits for the local community.”
About Sonae Sierra
Sonae Sierra (www.sonaesierra.com) is the international company dedicated to develop and service vibrant retail-centred properties. The company operates from corporate offices in 12 countries providing services to clients in geographies as diverse as Portugal, Algeria, Brazil, Colombia, Germany, Greece, Italy, Morocco, Romania, Russia, Slovakia, Spain, Tunisia and Turkey.
Sonae Sierra owns 46 shopping centres with a market value of about €7 billion and manages and/or lets 81 Shopping Centres with a Gross Lettable Area of about 2.5 million m2 and more than 9,300 tenant contracts. At present, Sonae Sierra has 14 projects under development, including 7 for third parties.
Sonae Sierra currently works with more than 20 co-investors at asset level and manages four real estate funds for a large number of investors coming from across the world.
About Bluehouse Capital
Bluehouse Capital (www.bluehousecapital.com) is a real estate investment and development firm, with operations focusing in Central and Southeastern Europe. Specifically, Bluehouse has a presence in Greece, the Czech Republic, Poland, Hungary, Romania, Bulgaria, Croatia, Serbia, and Cyprus. Bluehouse was founded in 2004 and holds extensive investment experience in shopping centers, office, industrial and residential buildings, with amplified local presence across the countries of its portfolio. Futhermore, its portfolio includes shopping centers in cities of great significance, with a gross leased surface of 76,000 sq.m.. Specifically, in Greece, the McArthurGlen Designer Outlet, a unique shopping center of 21,000 sq.m. and 100 brands, introduced to the Greek market a shopping experience of high aesthetics, equivalent to those of the most popular international designer outlets.