100 mln euros investment in Papastratos historic buildings in Piraeus

An investment project worth 100 million euros by Dimand Real Estate in Aghios Dionysios area will breathe new life into one of the most central regions of Piraeus.

The company purchased three building blocks in the area, which used to be Papastratos tobacco industry’s old warehouses and production unit, and plans their reconstruction into modern office buildings, along with a hotel unit, furnished houses, conference hall, shopping mall, underground parking and a Papastratos museum.

Panos Panagiotidis, managing director Dimand Real Estate, speaking to reporters said that the company has agreed with Grivalia Properties to reconstruct Papastratos’ old warehouses and their transformation into modern office building and was in talks with Cosco over a possible use of the building. Panagiotidis estimated that more than 5,000 job positions will be created in the project.

Christos Charpantidis, chairman and chief executive of Papastratos, speaking to reporters, said that “Dimand Real Estate wanted to keep the soul of Papastratos’ buildings alive and to exploit them and so we together found ways to keep our course here in Piraeus where the first tobacco production began in Greece”. Charpantidis expressed his satisfaction over the way of exploiting Papastratos’ historic buildings and said that this was the growth model needed by Greece, a combination of factor and a step-by-step progress.