Michaniki S.A. construction group signed a 14.4 million euro contract to build the first construction phase of a shopping and entertainment center for Pylaia SA in Thessaloniki, northern Greece.

The contract involves the construction of 70.000 square meters of building facilities including underground and storage space, a road network and parking lots.

The shopping and entertainment center will be build on a 255.000 square meter land and will include department stores, shops, restaurants, cinemas, a supermarket and a traditional Greek village with facilities for exhibitions and cultural events.

Pylaia SA, is owned by LAMDA Development and Sonae-Haragionis joint venture has a 39.9 percent minority stake, while the lot in Thessaloniki is property of the Greek Orthodox Ecumenical Patriarchate.