Dimand is expected to complete the reconstruction of the largest part of the property that for years housed the historic Minion department store in Omonia in the spring of 2024.
According to the company’s plan it will be transformed into a mixed-use building (shops, offices and apartments) with LEED Gold certification. It is an investment of 55 million, including the cost for its acquisition, which amounts to 26 million euros.
From the -1st to the 2nd floor, commercial stores will be built (in a total area of 6,100 sq.m.) and office spaces from the 3rd to the 7th (in a total area of 7,700 sq.m.). The works are in progress and the exterior part of the property has been concluded with the installation of glazing and shades.
The plan also provides for stores and apartments. The construction of the building that will host stores and apartments will start in 2024 and is expected to be completed in two years.
According to Dimand data, the total gross development value (GDV) of the project upon completion is estimated to be around 50 million euros.
The aim of the investment is to regenerate a landmark, which is engraved in the memory of the Athenians. The new Mignon aspires to contribute to the regeneration of the center of Athens and is part of the renovations implemented by Dimand around Omonia Square.
It is the second project of this company in Omonia.
The history of Minion began in 1934. In 1944, the building on Patision Street was bought, with the aim of turning it into a department store. Since the 1950s, Minion has gradually developed into a department store with 120,000 items and 1,000 employees, while its profitability reached 1 billion drachmas.
On December 19, 1980, the department store was destroyed by a fire. In 1983, the damage to the building was fully repaired with the help of loans, and the store reopened, but due to debts, it was nationalized. In 1998 it closed for good and the property passed into the hands of Elmec Sports. After the sale of Elmec to the Folli Follie group, the store passed to Folli Follie Holdings and never operated again. Dimand acquired it in 2021, following a competitive bidding process.
