McArthurGlen has signed an €80m (£54.6m) development deal to expand its designer outlet operations into Greece, with plans for its seventeenth location at Yalou.
McArthurGlen, which operates designer outlets in the UK, Italy, France, Austria, Germany and the Netherlands, has joined Athens-based real estate investment advisory firm Bluehouse Development, for the scheme at Yalou.
The 270,000 sq ft designer outlet which will comprise around 125 stores is scheduled to open in Yalou, 15.5 miles east of central Athens, in autumn 2008.
The move is part of an aggressive and continued expansion for McArthurGlen.
In the past four months the company has opened Barberino Designer Outlet near Florence, Italy, and has taken over management of the B5 outlet centre, Berlin, Germany and BIGG outlet, Austria.
J.W. Kaempfer, chairman of McArthurGlen, said: “Yalou represents an excellent opportunity to establish a solid platform in Greece that will add value to the brands we bring into the project.
“There has already been significant interest from some of the more illustrious names in our portfolio and I am confident that with the location and proximity of Yalou to Athens, this project will fill the needs of even more brands that have long championed the economic growth and readiness of the Greek market.”
References: EGi News 20/07/06
