An agreement was signed today between the Israeli Community of Thessaloniki (ICT) and Notos Com for the development of a building known as "STOA HIRS". The two storey building, owned by ICT, is located in the center of the city, today housing a number of stores on the ground floor and the offices of the ICT on the 1st. The agreement provides for the reconstruction of the building and its rental for use over the next 29 years, after which it will be returned to the ICT. With an aim to taking advantage of the dynamic market in Northern Greece, Notos Com will increase the size of the building creating the largest and most modern department store in Thessaloniki which will form part of the Notos Galleries chain. Its position will therefore be strengthened in the city, in which it already has a presence through its smaller department store under the same name. The new department store will cover an area of 10 thd sq.meters and it is planned for opening to the public by the end of 2007. Signing of the agreement was co-ordinated by Alpha Urban Properties.