Galaxias supermarkets to spend 40 mln euros on real estate


Galaxias, one of Greece's smaller supermarket chains, is planning to spend 40 million euros on expansion plans by 2021.

The company currently has a 160 store network across Greece and owns 80 percent of the properties it has branches in. Its property portfolio is valued at around 120 million euros.

Company officials said that it intends to purchase ten more real estate assets to accommodate new branches. The majority of funds, about 30 million euros, will go towards acquiring a 12,000 square meter plot of land on which the supermarket will build a shopping mall with more than 40 stores.

Panagiotis Poursanidis, chief executive of PENTE SA, the company that owns the supermarkets, said the company has no intention of selling off an of its property assets and will home on to them to house its retail operations.

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