The DEI (Public Power Corporation) and Dimand Groups have announced the launch of their investment partnership for the joint development of a new, landmark bioclimatic office campus on the site of the former Plessa military base, through the establishment of a joint venture company for the property’s development.
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The property development and management vehicle
Specifically, the company Powerhub Properties S.A. has been established with equal participation (50-50) by both parties. The new entity has assumed DEI’s position in the long-term land lease and will serve as the exclusive vehicle for the development and management of the property.
Construction of a modern bioclimatic office campus has already begun at the site, located at 211 Mesogeion Avenue in Athens, with a total budget of approximately €176 million.
The new complex was designed with full respect for the scale of the surrounding area, with its height strictly limited to 19.5 metres, ensuring its harmonious integration into the existing urban fabric.
The total primary usable floor area of the complex amounts to approximately 29,900 sq.m., while the development also includes underground spaces covering approximately 29,000 sq.m. Across three basement levels, more than 600 parking spaces will be provided, with electric vehicle charging infrastructure planned for 50% of them. This ensures that all parking and vehicle movement will be fully absorbed within the property boundaries, without placing any additional burden on neighbouring streets.
A strong focus on environmental enhancement
Particular emphasis has been placed on the environmental upgrading of the area. Of the total site area of 18,800 sq.m., the majority remains as open space, while all existing trees from the former military base are being fully preserved. In addition, 7,800 sq.m. of planted surfaces and landscaped areas with water features are planned, along with a 3,700 sq.m. rooftop garden. The complex will also be equipped with geothermal heat pumps, 750 solar panels to cover its energy needs, and underground rainwater collection tanks for autonomous irrigation — all in pursuit of the top international sustainability certifications: LEED Platinum and WELL Platinum.
The project is currently at the foundation stage and is expected to be completed by mid-2028. It will also include a flagship DEI retail store, as well as dining facilities, an amphitheatre, and wellness amenities.
Ms. Zorzeta Christodoulopoulou, Group Chief Procurement Officer at DEI, stated: “The new bioclimatic complex on Mesogeion Avenue is a model of sustainability that integrates seamlessly into the urban fabric and enhances the local community. It offers a world-class working environment built to the highest WELL Platinum health and wellbeing standards. Our partnership with Dimand, a leading company with proven expertise in green real estate development, ensures the optimal management of our capital, minimises construction risk, and guarantees both speed and quality of delivery.”
Mr. Nikos Dimtsas, Deputy Chief Executive Officer of Dimand, emphasised: “We are particularly pleased with the strategic evolution of our partnership with DEI for the realisation of this landmark project. The development of the former Plessa military base is a complex and demanding project of high aesthetic and architectural ambition — one I am confident will stand as a benchmark for bioclimatic development and a landmark for Athens. Dimand, having pioneered green real estate development in Greece, is bringing its full expertise to deliver a project that fully satisfies our investment criteria while offering outstanding added value to our shareholders, the building’s occupants, and the local community.”
