Property News - Sonai backs Greece's largest retail scheme

The Portuguese developer Sonai Imobilaria is backing a 5.2 million sq ft (485,000 sq m) retail and leisure scheme at Pylea in Greece's second city Thessaloniki.

The Mediterranean Cosmos scheme is the largest centre of its kind in Northern Greece. It will be anchored by a hypermarket and a multiplex cinema.

Construction is under way and phased completion is due at the beginning of 2005. The Mediterranean Cosmos centre is being developed by LAMDA Development and a joint venture between Sonae Imobiliaria and the Charagionis Group.