Following a demanding search and due diligence process, The Prosperity Group Ltd, with offices in the UK and Cyprus, has agreed to proceed with the purchase of a landmark historical building in Nea Philadelphia area of Athens - a move which is in line with the company’s growth plans through new investments in upcoming and promising areas, close to city centres.
Specifically, the Group has acquired a historic industrial property in Nea Philadelphia, the former “Tegopoulos” textile factory - an iconic 6,000sqm building, a symbol of the area's industrial heritage - which is being reimagined as a dynamic mixed-use complex that will bridge the past with the present.
The company’s vision for the project, which is located across the street from another historical landmark and heritage, Britannia Factory, and in close proximity to the OPAP football arena, as well as Nea Philadelphia’s centre, traditional restaurants, and beautiful street markets, is to create a modern live/work project where families can spend some quality time throughout the day and enjoy the new square that will be created within the project.
The project’s architects, Top Mentor Consultants, led by the internationally renowned architect Panagiotis Tombras, has already been tasked with developing the new concept, which will respect the rich heritage and history of the building. This new collaboration is a prime example of modern international partnerships driven by a shared vision of uniqueness, quality, innovation, and architectural excellence.
Panos Alexandrou, CEO of The Prosperity Group, stated during the signing of the deal: “We are all very excited to proceed with this deal, which will highlight and emphasise the rich cultural history of the ‘Tegopoulos’ textile factory and, in turn, Nea Philadelphia, as well as its strong historical industrial ties. With respect to the heritage and the environment, The Prosperity Group will create a unique mixed-use complex and a beautiful public square within this unique project. It is within our plans to upgrade the existing historical chimney of the old factory, retain the façade of the building, and create - in partnership with the local municipality - a small museum able to exhibit pictures of the long history of the building and the area, as well as art from several local and international artists.”
The Prosperity Group, with offices in the UK and Cyprus, has a strong presence in the European real estate sector, leading high-profile investment projects across several EU countries.
The development retains the architectural and historical essence of the industrial shell while introducing new dimensions of contemporary urban life. The architectural vision seeks to reconnect the identity of the building with the broader history of Nea Philadelphia, emphasising continuity, adaptive reuse, and community integration.
Respecting the existing architectural heritage and the distinct character of the neighbourhood, the new structure will form a harmonious whole — showcasing a design approach that thoughtfully balances history and modernity.
Through careful spatial reconfiguration and context-driven planning strategies, the project transforms a site of memory into a space of contemporary significance. The aim is to create a sustainable, socially inclusive environment that is seamlessly integrated into both its urban and natural surroundings.
