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ATHENS, GREECE-PASAL Development S.A. released its 2008 fiscal year numbers today, which showed $26.1 million of consolidated earnings, an increase over 2007′s total of $11.7 million.

Earnings before tax, for the locally-based real estate investment firm, totaled nearly $35 million, again increasing 2007′s total of 20.7 million. Executives of PASAL say “The earnings increase is mainly due to the completion of the AthensHeart shopping mall at Piraeus Str., as well as of the logistics center in Elefsina.”

In 2009 PASAL executives say the company is looking into a variety of other investments. Currently, the Alimou Av., a shopping center in Athens, is under construction with completion slated for later this year. At full build out the property will be 13,123 square feet of rentable space with 80 underground parking spots.

PASAL is looking into expanding AthensHeart shopping mall into the adjacent plot the company already owns. And lastly, executives listed the possibility of developing an 262.5 square foot plot of land in Chalkida.

These projects will hopefully strengthen the firm’s 2009 fiscal year totals. In 2008, PASAL recorded a net debt of $184 million, which includes a $40.3 million loan for the purchase of a 37% stake in TRASTOR REIC. The company’s investment portfolio at the end of 2008 totaled nearly $301 million, compared to $171.3 million the year before.

PASAL invests mostly in retail properties such as big-box facilities, malls and retail parks. It also has holdings in office buildings, residential homes and logistics parks.

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