Theodoros Kioutsoukis Highlights Mercan's Portfolio in Greece in an Interview to Forbes Greece
The President of Mercan Capital Greece, Mr. Theodoros Kioutsoukis, recently gave an interview to Forbes Greece, the local edition of the renowned international business magazine, presenting the Group’s strategic development plan in the Greek market, with a focus on urban regeneration, residential projects and high-quality hospitality infrastructure.
The full interview follows.
With the aim of creating a complex portfolio that will combine urban regeneration and residential projects with high-quality hotel infrastructure, Mercan Group has put its first major real estate development projects on track for implementation in the Greek market, through its subsidiary company Mercan Capital Greece, which was founded for this purpose in 2024.
The acquisition and development of the former industrial property of Keranis in Piraeus is one of the most characteristic examples of the Group's strategy for the revival of inactive properties and their transformation into modern residential complexes.
Can you describe the profile of Mercan Group today?
The Canadian Mercan Group, with a history of over 35 years, has established itself as an international leader in the fields of real estate investments and the development of hospitality projects.
Since 2015, the Group has been actively operating in Portugal, where it has developed a portfolio of more than 34 hotel projects, with a total value of approximately €1.2 billion, in collaboration with international brands such as Hilton, Marriott, IHG and Wyndham.
Today, Mercan Group has a presence all over the world, with activities in countries such as Canada, USA and Portugal. It also has subsidiaries in countries such as Dubai, Vietnam and Cambodia, while it has its own offices in specific regions, it also collaborates with partners in more than 50 countries.
The Group’s most recent strategic initiative is the establishment of Mercan Capital Greece in 2024, which is the official subsidiary of the Group in Greece and operates as a local development, management and investment platform. This move marks the Group's entry into the Greek market with two major projects: Keranis Residences in Piraeus and the Corfu Acharavi Hotel in Corfu, for which a franchise agreement with the international chain Wyndham has been announced.
The company has been strategically positioned in the Greek real estate market in recent times. What reasons triggered this move?
Following its successful experience in Portugal, Mercan Group's strategic decision to expand to Greece is based on a series of factors that make the country one of the most attractive investment destinations in the Mediterranean and, generally, in Southern Europe, taking into account economic and social parameters, such as strong tourist demand, the rising but still underserved real estate market, and the institutional framework that favors investments in conversions and renovations. More specifically:
1. Strong tourism product
In recent years, Greek tourism has emerged as one of the most dynamic sectors of the national economy, attracting the interest of leading international investors and hotel groups that recognize the country's strategic location, natural beauty and stable development prospects. Greece has evolved into a high-value-added destination, with tourism strengthened not only quantitatively, but also qualitatively, through investments in infrastructure, sustainable practices and luxury hospitality services.
In 2024, the country welcomed more than 40 million visitors, recording a historic revenue record of €21.6 billion, confirming the continuous rise and resilience of Greek tourism on the international stage. The year 2025 maintains the same strong performance, while the first indications for 2026 confirm the continuation of this positive course.
2. Dynamic real estate market
The housing market in Greece continues to record a significant increase in sales prices, with many studies confirming this trend. According to data from the Bank of Greece, housing prices recorded, on average, an increase of 7.3% in the second quarter of 2025, compared to the corresponding quarter of 2024. At the same time, Greek real estate attracts significant foreign investments, as the market is considered safe and offers additional advantages to both domestic and international investors.
3. The new Golden Visa legislative framework
With the new 2024 law, the minimum investment threshold in high-demand areas was increased to €800,000, while the €250,000 category was maintained for conversions of industrial and commercial buildings into residential properties throughout the country. This regulation directly leverages the experience of Mercan Group, which has already implemented numerous reconstruction and conversion projects of inactive old and listed buildings in Portugal, attracting significant international investment interest.
4. Urban regeneration and social footprint
Athens is experiencing significant transformations through the renovation of iconic buildings and the development of new projects. The company’s strategy focuses on similar projects, such as Keranis Residences in Piraeus, where an inactive industrial building is converted into modern residences.
What are the Group's main investments in Greece to date?
Mercan Greece's goal is to create an expanded portfolio that will combine urban regeneration and residential projects with high-quality hotel infrastructure, supporting both the real estate market and the tourism product.
The Group has already announced two flagship investments in Greece:
- Keranis Residences Conversion of a former industrial property into a complex of 408 fully furnished residential units with commercial uses and modern amenities, such as a gym, rooftop bar & restaurant, entertainment and leisure areas.
- Corfu Acharavi Hotel A 4* beachfront hotel with approximately 150 rooms, for which a cooperation agreement has been signed with Wyndham Hotels & Resorts and Mercan Greece, starting November 1, 2025. The hotel will operate according to Wyndham's quality and service standards and is expected to reach 255 rooms by 2027 through expansions.
How was the Keranis property at the entrance to Piraeus chosen?
The process began in 2023 as part of a broader mapping of the Greek real estate market. Mercan Capital Greece aimed to identify large-scale properties with clear investment interest and urban regeneration prospects. After extensive legal, technical and urban planning due diligence, Mercan completed the acquisition in 2024.
The property of the former tobacco industrial complex "Keranis" in Piraeus stood out due to its key location at 39 Athinon Avenue, close to the port and city center, as well as to Athens, with direct access to metro stations and major roads. Its large surface area (29,900 sq. m.) allows for the creation of hundreds of residences with economies of scale.
What is the philosophy behind the development of this building?
Mercan Capital aims to transform the inactive industrial complex into a model of urban housing.
The project highlights and reuses a symbolic building that remained abandoned for decades. At the same time, the investment will contribute to the revitalization of the urban fabric, strengthen the local economy and address part of the demand for housing in areas where rental availability is limited.
Keranis Residences is expected to create hundreds of direct and indirect jobs during construction and operation, upgrade the value of the area and support the local economy.
What will be the key features of the Keranis investment and what is the timeline?
The Keranis Residences project in Piraeus is the flagship of Mercan Capital Greece. More than a landmark, the unique 8-level project is a benchmark for urban regeneration and modern living in the city, upgrading the lifestyle of its residents.
Its key features are:
- Total gross area of 29,900 sq. m.
- 408 fully equipped residences (42–95 sq. m.) spread over 6 floors.
- 4 types of one- or two-bedroom apartments.
- Modern amenities for residents, including:
- Rooftop bar & restaurant with a view
- Gym
- Shared courtyard
- Entertainment and recreation areas
- Small supermarket
- Hair salon and beauty salon
- 24-hour security service
- Smart access control system
Respecting its history, the historic exterior of the old building will be preserved, while the interiors will be remodeled to accommodate residences of modern aesthetics.
Who will the apartments be aimed at (buyer and user profiles)?
The modern apartments offer flexible and functional housing solutions, ideal for students, such as those from the University of Piraeus, company executives, as well as shipping companies that wish to provide quality housing to their employees near the port. The location creates an environment that satisfies both daily needs and professional living requirements, while also offering easy access to services, transportation and shopping centers.
Which real estate market segments are you most interested in? Will we see other projects from Mercan in the future?
Mercan is in advanced discussions to acquire additional plots of land, with the aim of expanding its residential and commercial activity in the wider region.
The Group has drawn up a broad investment plan for the Greek market, aiming to create a diversified portfolio that will combine urban development, hospitality, and specialized properties.
A key pillar of the company's strategy is the creation of new homes through renovations and conversions, thus contributing to the balancing of the real estate market. The focus is on industrial and commercial properties, which are converted into homes. This is our strategy, and we already have two to three projects in preparation. The company's strategy includes at least one significant investment every year in Greece, either in the residential sector or in tourist units.
At the same time, the company aims to avoid saturated destinations by choosing mature and stable markets, such as Rhodes, Crete, and Corfu, as well as large urban centers. The selection of projects is based on extensive market analysis carried out by the company, with the support of specialized partners, local authorities, and official data sources.
Do you believe that the future of real estate development is the renovation/reconstruction (brownfield) of existing buildings, and if so, for what reasons?
We believe that the renovation and reconstruction of existing inactive buildings (brownfields), such as industrial properties, play a decisive role in the future of real estate development and in addressing the housing problem. Today, dozens of such buildings throughout Attica remain unused, but they can be reintegrated into the social fabric through appropriate investments.
Their conversion into modern housing not only contributes to an immediate response to the housing crisis, adding tens of thousands of apartments to the market in a short period of time, but also capitalizes on their ideal locations, close to main roads and public transportation, thereby multiplying the social and economic benefits. In this way, regeneration offers a sustainable solution that combines investment returns with the revitalization of the urban environment.
It is a strategy that serves both the needs of residents and the long-term development of the city.