Dimand reportedly submits highest bid for Minion property in central Athens

Athens-based developer Dimand has reportedly submitted the highest bid for a landmark central Athens property, the former Minion department store, with press reports pointing to an outlay of roughly 25 million euros.

The building, off central Patission street, has remained unexploited for nearly three decades.

Having changed ownership multiple times in that period, the property wound up in the portfolio of the now beleaguered and under-supervision Folli-Follie group and its founders, the Koutsolioutsos family – themselves currently facing criminal indictments on charges of insider-trading and stock manipulation, among others.

The 16,000-square-meter building is included in a rescue plan for accessory maker and retailer Folli Follie, and was ascribed as collateral in order to acquire an intermediate credit line from Arena Investors.