US fund Blackrock cuts losses, pulls out of Greece
After battling delays of some ten years in its attempt to build a 300 million euro shopping mall in western Athens, US asset manager Blackrock has decided to cut its losses and pull out of Greece.
According to capital.gr, Blackrock has sold the property which had been earmarked for the 55,000 square meter shopping mall to US real estate company Hines.
After spending 120 million euros on acquiring the property and gathering the paperwork needed, Blackrock has decided to sell the land to Hines for 7 million euros, reported capital.gr.
The company would have needed to spend an additional 300 million euros in the mall that has been caught up in a hostile environment, at a time where the Greek economy's fundamentals remain unstable, added capital.gr.