With a “dowry” of 573 properties worth €430-440 million, the largest one-time deal in the real estate market to date, both in terms of value and in terms of the number of properties, has been concluded. The reason for the implementation of the Alfa-Bank Skyline project, which provides for the transfer and use of the bank’s property by an independent person, is the signing of an appropriate agreement between the bank, Dimand Real Estate and Premia Properties, and the EBRD (European Bank for Reconstruction and Development).

In particular, Alfa-Bank will retain a 35% stake in the new body to which real estate objects will be transferred (Skyline Real Estate Single Member), while the remaining 65% will be acquired by P&E Investments. Dimand will (initially) own 75% of said company and Premia Properties AEEAP will own 25%. The information indicates that Dimand will have a 52% share in the second phase, as the EBRD will also participate with 23%. Alpha Bank will also provide financial support to Skyline through long-term financing of up to 240 million euros. It is expected that the transfer of the above shares will take place in the second quarter of 2023. A total of 500,000 m2 will be transferred, including offices, commercial real estate, residential premises and areas for industrial use and logistics.

The plan for using the real estate portfolio is already clear. The information indicates that out of the 573 properties to be acquired, the company will only have 75 left. The remainder are expected to be sold gradually, with an estimated revenue of 240 million euros. These funds will finance new investments for the acquisition of third-party real estate, which will increase the portfolio and income generated. In addition, proceeds from sales will be used to renovate properties that will remain with the new company in order to “unlock” reputation and maximize its income.

A total of 500,000 m2 will be transferred, including offices, commercial property, residential buildings and logistics.

Dimand Real Estate is expected to play a critical role in the development of the new company to be established, which will ensure the development of an important facility of new projects. The reason is that the package of objects that will be transferred to the new investment entity includes dozens of buildings in need of reconstruction, change of purpose and / or change of tenant. “For Dimand as a company, this will mean the development of 15 large facilities in need of regeneration and reuse, a process that will keep us busy for the next 3-5 years. These are mainly existing buildings in Athens and Thessaloniki, which will change their purpose and will be turned into offices, residential buildings, hotels, etc.” says Dimitris Andriopulos, managing director of the listed company.

Among the 75 objects that will remain in the company’s portfolio and are intended for development are two former Emporiki buildings at the intersection of Stadiou and Korai streets and at the intersection of Aiolou and Sophokleous streets, the Alpha Bank office building in Kolonaki (Merlin 5), a building of 3000 sq.m. on Philellinon Street, as well as the old computer center of Alfa Bank in Agios Stefanos with an area of ​​25,000 sq.m.

Of course, this agreement has a special meaning for Premia Properties as well. As Elias Georgiadis, President of Listed AEEAP, said yesterday, “The agreement to acquire an important real estate portfolio with strong profitability prospects strengthens Premia’s development strategy. We are pleased to work with Dimand, with whom we maintain a strategic partnership, and with Alpha Bank, which remains a shareholder of Skyline and also finances the enterprise.” Accordingly, Con. Markasos, Premia’s CEO, noted that “Premia’s involvement with Skyline aims to increase its profitability.”