Redevelopment of the Keranis Factory in Piraeus into a Residential Complex: The Impact of the Golden Visa

• 2 April, 25

At 39 Athinon Street, at the entrance of the Port of Piraeus, the former Keranis tobacco industrial site is undergoing a new wave of development after lying abandoned for 20 years. The project, invested and developed by Canada’s Mercan Group, aims to transform the former industrial plant into a multifunctional urban complex centered around residential living.

Real Estate Investment Under the Golden Visa Policy

The residential units of this project will be sold under Greece’s “Golden Visa” program, with a starting price of €250,000. According to recent legal amendments, if an industrial property is converted into residential use and has not been used for industrial activities in the past five years, it remains eligible for the minimum investment threshold of €250,000, provided that the change of use is completed before applying for the visa. Mercan Group has officially launched the commercialization of the project.

Project Plan: Integrated Residential, Commercial, and Office Spaces

According to the plans released on Mercan Greece’s official website, the entire building will be transformed into a modern urban complex with a total area of 29,900 square meters, featuring:

• 408 fully furnished residential units, ranging from 44 to 69 square meters, including studio apartments, one-bedroom, and two-bedroom apartments.
• Dining and retail spaces, including cafés, restaurants, and shops.
• A rooftop garden on the seventh floor, offering cityscape views.
• A gym and leisure areas, including courtyards and outdoor social spaces.
• Office spaces located on the lower floors of the building.

This project aims to provide an integrated urban living experience, attracting both foreign investors and city residents.

Defeat in the Judicial Use Bid

It is worth noting that there was a prior proposal to convert the former tobacco factory into the new site for the Piraeus Court. However, the bid was ultimately won by Dimand, and the courthouse is now being constructed on the “Daskalaki” site, with completion expected in July 2026.

Background of Mercan Group

Founded in 1989 by Jerry Morgan, Mercan Group is a leading Canadian immigration services company that was listed among UGlobal’s Top 10 Global Immigration Companies in 2024. The firm specializes in investment immigration, educational immigration, and international human resources, with multiple subsidiaries working in collaboration.

To date, Mercan has assisted over 45,000 foreign immigrants in settling in Canada, the EU, and the U.S., while also facilitating employment for over 10,000 foreign workers in Canada, the U.S., Europe, the Middle East, Malaysia, and the Caribbean. The group operates more than 100 offices and representative offices worldwide and has deployed over $2 billion in funding to drive various development projects.

As the official Asian headquarters of Mercan Group and a globally recognized investment center, Mercan Asia supports over 7,000 investors and their families from Vietnam, Cambodia, Thailand, Malaysia, overseas Chinese communities, Taiwan, Hong Kong, Singapore, Egypt, and the U.S. Those interested in exploring Golden Visa opportunities can contact Mercan Asia。

The Rise and Fall of Keranis’ Century-Old Tobacco Industry

The history of G.A. Keranis S.A. dates back over 100 years, when it was founded by 23-year-old George A. Keranis, who initially set up a workshop at a public tobacco factory before purchasing the industrial site at 39 Athinon Street, Piraeus, in 1933. Family members Nikolaos Keranis and Sofoklis Fleggas were also involved in the business.

In 1939, Keranis became a publicly listed company and remained in operation for over 60 years until its liquidation in 2007. After George A. Keranis passed away in 1948, his wife Eugenia Kerani inherited the company and later married Fleggas.

During the 1960s and 1970s, the company’s “Aroma” brand saw a surge in sales, and its “Pallas” cigarettes became Greece’s first mixed tobacco product, achieving great success. At that time, Greece had 15 tobacco companies, with Keranis and Papastratos holding a combined 69.6% market share, Matsaggou Bros. and Karelia controlling 24.8%, and the remaining 11 companies sharing just 9.6%.

In the 1980s, the company reached its peak with the success of “Kent” and “Pall Mall” brands, while its “Oscar” brand quickly became a best-seller. In 1998, Keranis Holdings S.A. was sold.

By August 2005, due to third-party debts amounting to €35.5 million, the company faced financial collapse and officially announced liquidation on July 31, 2007. Between 2005 and 2007, the last 145 employees went unpaid, while at its peak, Keranis employed up to 2,500 workers.

Cre: ot.gr