By Leonidas Stergiou
The integration of the real estate management activity of Alpha Real Estate Management and Investments (AREMI) as part of its overall transformation process, announced Alpha Astika Akinita, a company of the Alpha Bank Group. At the same time, the announcement of the preferred investor for the creation of a consortium is expected within the days, according to the Skyline plan.
The candidates
As Capital.gr has published, the Invel / Prodea, Dimand / HIG and Brook Lane schemes appear to be 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.
Plan
The plan envisages the consolidation of the services provided by AREMI with those of the Group’s subsidiary, Alpha Urban Real Estate, creating a new company, which will provide management and operation services for the entire life cycle of the properties (e.g. estimates, advisory, management, etc.), taking advantage of the positive situation for the domestic real estate market.
The deal
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 benefit 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 movements
The transformation of Alpha Urban Real Estate (AAA) is part of the broader plan (Project Skyline) of the Group to strengthen its presence in the real estate market and the creation of diversified sources of income. In addition, the same plan envisages the creation of a new real estate investment company, which will take over the management of a significant portfolio of recovered real estate of the group, worth more than 500 million euros, including the current real estate portfolio of Alpha Urban Real Estate. .
The properties will be transferred to a project company of Project Skyline, the majority stake of which will be given, at the end of the ongoing tender, to a strategic investor, with Alpha Bank retaining a minority stake in the new scheme in order to benefit from the expected further increase in values ​​in the Greek real estate market. A double-digit number of investors from abroad and Greece expressed interest in Project Skyline, and the Group’s management is expected to announce, in the coming days, the preferred investor.
New administration
At the same time, at today’s meeting of the Board of Directors, it was decided to appoint Mr. Georgios Poimenidis to the position of Non-Executive Chairman and Mr. Georgios Spiliopoulos to the position of Non-Executive Vice Chairman. Mr. Ioannis Ganos, until recently head of AREMI, assumes the position of CEO of the new Alpha Urban Real Estate.
The completion of the transformation of Alpha Urban Real Estate into a company exclusively for the purpose of providing real estate management services, will lead to the development of operations, as the company will now cover all the companies of the Alpha Bank Group, the properties that have been included in the Project Skyline portfolio but and third parties, outside the Group, customers who want efficient management of their real estate.
At the same time, according to the Bank, the new company will utilize the Group’s many years of know-how in the field of real estate management, with the aim of developing and selling new competitive products and value-added services and consolidating a leading role in the Greek real estate market, given the positive prospects. due to growing credit expansion and liquidity.
Source: Capital
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