Of Leonida Stergiou
Big names in the international market include the investment schemes that submitted bids for the creation of a joint venture with Alpha Bank in the field of real estate.
The bids are currently being evaluated, which, according to market sources, have been submitted by Invel / Prodea, Dimand-HIG, Brook Lane and Davidson Kempner.
The evaluation and signing of the agreement will be completed by the end of June, with Invel / Prodea, Dimand / HIG and Brook Lane schemes appearing as the most dominant, as David Kampner, according to market sources, has not submitted a binding offer.
Thus, the interest is expected to focus on the binding offers from Invel / Prodea, Dimand / HIG and Brook Lane. It is recalled that Alpha Bank has already made a strategic alliance with David Kampner in the creation of the joint Cepal scheme, in the management of red loans.
Prodea Investments is the largest real estate investment company in Greece, listed on the Athens Stock Exchange, with assets of over 2.9 billion euros. Invel had bought at the end of 2013 66% of Prodea from the National Bank (former Pangea).
The American HIG Capital, with managed funds over 43 billion dollars, cooperates since 2020 with the Greek company Dimand, with important projects and developments (eg Piraeus Tower), while the investment capital Brook Lane is active in the real estate market and already participates in the development of the Greek.
Value and real estate
The value of the transaction, which is expected to be completed in the third or fourth quarter of the year, has not yet been determined. However, it is estimated that the scheme will have more than 800 properties worth more than 1 billion euros.
The aim of the scheme is to create a large-scale real estate investment platform in Greece, focusing mainly on offices, retail chains and logistics. The transaction results in a capital gain for Alpha Bank of the order of 300 million euros.
According to information, in the first phase, the following are included:
* 50 high-profile properties (prime assets), worth approximately 280 million euros.
* 320 properties worth about 180 million euros.
* 205 houses and apartments, worth about 75 million euros
The Skyline project
The goal is at the end of the five years, in which the business plan extends, to have leased almost the total of about 800 properties, which is expected to include the total portfolio.
Alpha Urban Real Estate is going to be transformed into a company with the exclusive object of providing management and exploitation services.
Thus, Alpha Urban Real Estate (ASTAK) will split and sell its real estate portfolio to an unlisted company of the Alpha Bank group, which will also be the special vehicle (SPV) of the transaction for Skyline.
That is, the entire real estate portfolio that will be utilized will be transferred to the specific company and then a majority stake (over 50%) will be transferred to the preferred investor.
Alpha Urban Real Estate’s service sector, which currently accounts for about 75% of its turnover, is expected to help cover the loss of rental income caused by the transfer of real estate, and to create further profit margins. .
As for Alpha Urban Real Estate, there is no decision for its exit from the Athens Stock Exchange.
The initial design of the Skyline Transaction foresaw the transformation of Alpha Urban Real Estate into a real estate investment platform and the transfer of real estate management activity to a company of the Alpha Holdings Group.
However, during the tender procedure, it was found that, among other things, it burdens the transaction in terms of time and procedure due to the increased formalities set by the current legislation on transactions on listed companies.
For this new plan that (including Alpha Urban Real Estate) will be transferred to an unlisted company, which will form the basis of the joint venture between an investor and Alpha Bank.
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Source: Capital
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