The acquisition of a significant commercial building in central Athens has been completed.
The asset is a six-story, 8,047 sqm commercial building originally constructed in 1970 with a EPC rating of E, located at 14–18 Mesogeion Avenue, Athens, adjacent to the landmark Pirgos Athinon. It will be fully refurbished and repositioned as a LEED Gold Grade A office building targeting institutional-grade occupiers.
This investment, with a gross development value of ~€40M, is structured under the energy efficiency mandate. It directly addresses one of the core objectives of Greece’s National Energy and Climate Plan — the energy upgrade of the existing building stock, which accounts for 40% of national energy consumption. Rather than demolition and new construction, the investment retains the primary structural frame, reinforces it, and replaces all mechanical, electrical, and façade systems, avoiding the embodied-carbon cost of a ground-up development while delivering a materially improved operational and environmental profile.
Mesogeion marks the second joint venture between Sirec Energy and Blend Development. The two partners previously collaborated on the Stadiou project — a full brown-to-green conversion of a central Athens office building into a 129-key LEED-certified hospitality asset. The repeat partnership reflects a shared conviction in the brown-to-green repositioning thesis and a proven operational model across asset classes.
Mr. Evangelos Bardis, Managing Director & Partner of Sirec Energy, commented: “We are extremely happy to have completed this investment. The energy upgrade of existing buildings is very important in order to achieve the climate targets set by the country. Such commercial buildings, that are not included in the subsidized programs of the Ministry, require substantial funds for their upgrade and Sirec Energy plans to keep investing in the sector.”
Mr. Paris Kallitsantsis, Managing Director of Blend Development, commented: “We are very pleased to have completed this complex transaction that will allow us to sustainably repurpose the building further contributing to the regeneration of Athens city center. Institutional grade office space of this size is scarce near the Athens city center and we are pleased to have secured an asset with such re-development opportunity”
More on Sirec Energy
Sirec Energy is a partner-owned private equity firm with €83M in AUM, deploying capital across sustainable energy infrastructure and circular economy assets in support of Greece’s green transition. The transaction will be executed through EuSIF I, which will hold a controlling majority stake on this transaction.
More on Blend Development
Blend Development SA is a real estate developer with a portfolio of completed and under development projects of Gross Development Value of circa Euros 150m— Blend is a co-investor and the developer on this transaction.