Southrock estimates that investments in the Greek real estate market, which are likely to reach 200 million euros in 2022 alone, will be completed. It is an investment fund created by a joint venture between Mr. Yannis Delicanakis (former co-founder of Bluehouse) and the German EOS, a subsidiary of the Otto Group, one of the largest real estate groups in Europe, valued in excess of 25 billion euros. EOS has been present in the Greek market since 2003-2004, but mainly in the debt management market (eg credit cards). As Mr. Yiannis Delicanakis explained to K, “EOS is one of the largest of its kind, along with Intrum, with a presence in 24 European countries and with assets worth a total of 2.4 billion euros. And its €25 billion parent company Otto Group is the largest owner of shopping malls and logistics centers in Germany.

It has already purchased portfolios of confiscated property from the Eurobank Group in exchange for 50 million euros.

Investments in the order of 120 million euros have now been made in cooperation with Mr. Delikanakis and through Southrock, with the main focus being either direct repossessed property (REO) portfolios or portfolios of non-performing real estate loans. collateral (NPL) or even other types of debt (such as DEKO accounts) without real estate collateral. One of Southrock’s major investments was the acquisition of two REO portfolios (400 properties) from the Eurobank group for a total of €50 million. One of them was Project Petra, which involved more than 150 objects worth about 40 million euros. At the same time, Southrock also acquired portfolios of non-performing loans such as Project Oistros Piraeus Bank, which involved loans of 120 million euros from businessman K. Papapetrou, as well as part of Amoeba, which was bought by Bain. in 2018. The strategic goal of Southrock is to realize an annual investment of about 100 million euros.

Southrock, in cooperation with Deutsche Bank, has applied for and is among the potential winners of the Intrum (Project Tethys) tender process for a €250 million secured loan for 72 hotel units, mostly medium and small occupancy in Mykonos, Crete, Naxos, Halkidiki and mainland Greece. These are blocks with a capacity of 4000 beds. The companies allegedly bidding for Project Tethys also include Mr. Nikos Karamouzis’ SMER investment fund in a joint venture with Israel’s Brown Hotels and shipowner Mr. T. Laskaridis’ company, and the Apollo investment fund.