Athens Designer Outlet

McArthurGlen Group opened its first Greek development in 2011 in Spata, roughly 25 km east of central Athens and 15 minutes from Athens International Airport, in a neoclassical-style, open-air design across two levels. MGE Hellenic Investments, McArthurGlen’s local joint-venture vehicle with Bluehouse Capital, owned and operated the property for its first decade.

At roughly 21,000 sqm, the outlet carries around 110 stores, cafés and restaurants, drawing more than 4 million visitors annually and positioning itself as Greece’s leading designer-outlet destination. Nike, Polo Ralph Lauren and Salvatore Ferragamo anchor the luxury and sportswear tier, alongside Diesel, Guess and Tommy Hilfiger carrying broader fashion.

LAMDA Development, one of Greece’s largest listed real estate companies, acquired 100 percent of the property in August 2022 for roughly €40 million, against an independent valuation of the property’s gross asset value at approximately €109 million. McArthurGlen continues to operate the center under a partnership arrangement following the sale, preserving brand continuity for shoppers.

That sale, a specialist pan-European outlet operator ceding ownership of its most successful Greek asset to a domestic REIT while retaining an operating role, reflects a broader pattern of international outlet developers monetizing mature, stabilized properties in secondary European markets once they’ve proven their long-term performance, while the buying REIT gains a proven, cash-generating asset without taking on development risk.