Approaching the finish line for Phase B of the Smart Park, REDS, ELLAKTOR Group’s subsidiary, announces the completion of expansion works by the end of October and the opening of the new stores in November 2019.
The lease coverage ratio in the new 15,000sq.m. premises of the Smart Park now exceeds 80%, following the recent commercial real estate leasing agreements for stores under the brands of STRADIVARIUS, OYSHO, HANS & GRETEL, SUNWEAR, CROCS and SUGARFREE, while similar agreements have already been signed with DECATHLON, MARKS & SPENCER, DIAFANO, BO CONCEPT, GAP, ASHLEY HOMESTORE, and TOYS CENTER.
In parallel, an extension was signed regarding the guaranteed term of the commercial lease of Jumbo store until September 2029 and JUMBO SA is rearranging the lease premises, increasing the store’s sale area to approximately 8.000 sq.m.
The expansion of Smart Park with a total area of 53,000 sq.m. and the addition of new brands will further enhance its growth, already evident in the 2019 data, according to which there is 5.8% increase of footfall within the first 9 months of 2019 vs. 2018, 9.7% increase in total sales of Smart Park’s stores and 8.5% increase in comparable sales (Like-to-like).
REDS is one of Greece’s leading real estate development companies. REDS undertakes medium and large-scale Retail and Entertainment, Office, Mixed Use, Exhibition and Conference and Residential projects. Among others, REDS has constructed and is operating Smart Park, the biggest Retail Park in Greece with 100% occupancy and 5 million visitors in 2018, while the emblematic Cambas Project of REDS is under development, combining the historic Cambas winery with Office uses, Retail, Leisure, Cultural and Hospitality facilities, all integrated in a modern environment.