Utilization of Modiano Market by ONE OUTLET SA

Fully aware of its social and business duty towards the historical memory, the architectural value and the cultural heritage of the Modiano Market, ONE OUTLET SA expresses its particular satisfaction for the completion of the first phase in the development of the symbol building of its city Thessaloniki.

The completion of the acquisition of 43.6% of the property by ONE OUTLET SA (exclusively Greek interests: 65% Fais Group of Companies, 35% Notos Com) with proven know-how and abilities in the successful design and operation of modern commercial facilities and multi-venues, marks the company’s confidence in the development prospects of Northern Greece, despite the adverse economic conditions.

The new investment initiative of ONE OUTLET SA comes a year and a half after it rented the building facilities of City Gate from the owner of the property PIMA SA (Arab interests) for the development and operation of the shopping center “One Salonica Outlet Mall”. It is noted that today, the One Salonica Outlet Mall operates with particular success, having won the great acceptance of the consumer public of Northern Greece and substantially contributing to the tourism development of the wider region, with a constantly increasing turnover, new stores and a significant contribution to the increase of employment.

ONE OUTLET SA’s strategic investment in the revival of the currently under-functioning historical market creates significant added value both for the city of Thessaloniki and for the wider region, while maximizing ONE OUTLET’s positive social footprint on local development and employment. Despite the fact that the high size of the investment cannot be precisely determined at this stage, due to both the multi-shareholder composition of the new body (in addition to ONE OUTLET SA, 59 additional owners participate) and the complexity of the project (technical-architectural- construction studies to be developed and implemented), it is certain to be one of the largest private projects, which has already secured the required banking support of Alpha Bank, one of the largest financial groups that consistently contributes to the economic recovery of the country.

The goal of ONE OUTLET SA is for this important investment, based on absolutely sound financial foundations, to be a landmark for the city of Thessaloniki and the wider region. It is the company’s ambition that Agora Modiano once again becomes the center of the city’s commercial traffic, a modern space of high standards exclusively dedicated to the food market, dining and entertainment, on a par with counterparts in European metropolises, while ensuring historical memory and cultural duration. In this context, ONE OUTLET SA will seek the cooperation, coordination and support of every institutional body of the city and the region (Chambers, Municipality, Region) in order to ensure the success of this ambitious, but also absolutely necessary project for the city .

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