Cushman & Wakefield joins the Athens retail games.

Continuing to expand its global platform, Cushman & Wakefield has opened a wholly-owned full service office in Athens, to cover the Greek market. The office is headed jointly by Nicky Simbouras and Arpad Torok.

"The Greek retail sector offers particularly interesting opportunities," said Mr. Torok. "Greece is one of the most 'under-shopped' countries when it comes to shopping centers in Europe."

In addition, Mr. Torok said that the retail investment market is beginning to improve as it attracts the attention of international investors.

"Until now, a lack of quality developments has held back the investment market. Recent acquisitions have involved small players and small lot sizes," he noted.

"This is set to change over the next few years as several new shopping centers, providing sound investment opportunities in terms of their lease and financial structures and their management set-up, come onto the market. The Greek real estate market is one of the euro zone's least mature. It offers tremendous opportunities for ourselves and our clients, which is why it is important to have a wholly-owned Cushman & Wakefield office."

"Cushman & Wakefield will provide unmatched service to its clients in the Greek market," said Ms. Simbouras.

"This comes from our local in-depth knowledge and broad range of experience, combined with the benefits of our global network of services, expertise and client base."

Previously, Cushman & Wakefield operated a joint venture specializing in retail agency and management together with local real estate company Sotiropoulos Brothers, with all other service lines in the Greek market provided to Cushman & Wakefield clients through an association agreement with that firm.

Ms. Simbouras, previously a partner with Sotiropoulos Brothers, has 15 years of experience in the Greek commercial real estate market. In co-heading the Cushman & Wakefield office, she will run the industrial investment, agency and management sides of the business, as well as working on behalf of Cushman & Wakefield's corporate clients. Cushman & Wakefield has more than 50 corporate clients across Europe for which it works on a regional basis, including ABN AMRO, BNP Paribas, Cadbury Schweppes, Revlon, Lucent, 3Com, McGraw-Hill and WPP.

Mr. Torok, head of Cushman & Wakefield's previous retail joint venture in Greece, will be responsible for retail investment and agency work, as well as retail asset management. Mr. Torok re-joined Cushman & Wakefield in 2002 to head retail in Greece. Previously, he was part of Cushman & Wakefield's Budapest retail team, from where he went on to be head of leasing at TrizecHahn's joint venture in Hungary and Bratislava.

Cushman & Wakefield serves as the leasing agent for the two most important shopping center developments in Greece:

Maroussi Shopping Center, shopping and leisure center in the Maroussi district of Athens, the site of the Olympic Village, which is being developed by Lamda Real Estate Development and is due to open in the second quarter of 2005. (Cushman & Wakefield is also acting as marketing consultant on the Maroussi development.);

Mediterranean Cosmos in Thessaloniki, a development by Lamda and Portuguese shopping centers specialist Sonae Imobiliaria, due to be completed in the first quarter of 2005.

In addition, Cushman & Wakefield is advising on the management set-up on behalf of Pireaus Real Estate's Picar Shopping and Leisure Center in Athens, set to open in the first quarter of 2005. Cushman & Wakefield manages and acts as leasing agent for the Village Entertainment Park, owned by fund manager Pradera, which opened in Athens in 1999 as Greece's first shopping centre.

Initially, Cushman & Wakefield's team in Athens will be made up of 11 professionals, including Ms. Simbouras and Mr. Torok and four shopping center management professionals.