Greek-Australian Nick Andrianakos has invested in a major shopping center for the first time, acquiring a more than A$135 million ($95.5 million) half stake in Adelaide’s Colonnades shopping centre.
The deal comes nearly half a century after the Greek migrant bought his first petrol station in 1973 and went on to establish the Milemaker petrol station chain of 54 workers.
According to Australian Financial Review (AFR)Andrianakos, who emigrated to Australia from a village outside Tripoli in the Greek Peloponnese 50 years ago as a young man, sold the fuel retail business to Caltex in 2016 as part of an A$94 million deal.
He kept the real estate for inclusion in the growing commercial real estate portfolio of the Nikos Property family group.
“The opportunity to acquire a major shopping center such as Colonnades, professionally managed by Vicinity, is a good opportunity for us and helps diversify our investments,” Nikos chief executive Theo Andrianakos said in a statement. at AFR.
Nikos Property Group has steadily increased its exposure to the Adelaide market, acquiring a CBD office building at 50 Flinders Street in 2020 from Cbus Property for A$175 million after buying its associated tower two years earlier, linked by Bridges, at 60 Flinders Street in Lend-Lease for A$101.35 million.
Andrianakos makes a donation to the Greek-Australian community
Andrianakos is also involved in the Greek-Australian community and has made substantial donations to the community. In 2020, he pledged to donate a 10-15 acre property for the Melbourne Drug Rehabilitation Centre, along with a donation of AU$1 million to launch its operation.
“I like to share money. Since my early youth, I have felt a strong obligation to help others, especially young people, without ‘headache’. For many years now, since 1982, I I saw young people suffering terribly from the scourge of drugs and I didn’t like it at all,” he told the Greek media group at the time.
Publicly thanking Andrianakos, His Eminence Archbishop Makarios announced that in honor of his contribution, a chapel will be built inside the center dedicated to St. Nicholas and the event hall will be named after the Greek-Australian benefactor. .
“I really take my hat off to his unique sensitivity and generosity,” Bishop Makarios said, following an event last week where Andrianakos was awarded the “Order of Christ’s Love” medal in sign of appreciation for his contribution.