Alpha Bank announced the completion of the evaluation of the binding offers submitted by investment schemes that participated in the tender for the formation of a joint venture in the Greek real estate market (Skyline transaction). The Dimand / Premia Properties joint venture was declared the preferred investor.
The Skyline transaction concerns a perimeter of properties worth around 500 million euros. The perimeter includes properties in which the new scheme intends to invest significant funds for their repositioning on the market (re-development), income properties (yielding) as well as properties intended for sale on the market (trade).
Through the transaction, the Alpha Bank Group seeks to better exploit its real estate portfolio, at a time when the real estate market maintains its strong momentum, and, capitalizing on the synergies between a strategic investor such as the Dimand / Premia Properties consortium and the Alpha Bank, to create a leading investment company in the field of real estate.
The subsidiary of the Group, Alpha Real Estate Properties, which – following its transformation and the absorption of the also subsidiary Alpha Real Estate Management and Investments, will have a central role in the utilization and management of the real estate portfolio of the new structure. With this specific transformation, the Bank seeks to utilize the accumulated experience in the real estate sector, to achieve goodwill from the operational synergies of the 2 subsidiaries and, ultimately, to create a strong company, which will provide services for the entire life cycle of real estate (e.g. estimates, advisory, management, PM/FM etc.),
The transformation of AAA into a purely service company is expected to be completed within the year.
SOURCE: AMPE
Source: Capital
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