The strategic partnership between Intrakat and Ellington Solutions aims to provide investment properties suitable for commercial use. The goal of Intrakat is to strengthen its presence in the hotel infrastructure market through the purchase, renovation and operation of quality properties in various tourist destinations. Therefore, the agreement with Ellington Solutions is expected to serve this purpose as, as was revealed yesterday, both parties will develop joint activities in the areas of appraisal, management, investment, development and exploitation of real estate in the Greek market. In particular, Intrakat will be Ellington Solutions’ preferred partner for the entire real estate portfolio it manages for its clients in Greece.

Essentially, with this move, the construction group secures preferential access to a sizable real estate portfolio while Ellington gets a key investor client to use some of the properties it manages, resulting in significant synergy between the two parties. Ellington Solutions represents in Greece the American group Ellington Management Group, a company that has been managing portfolios of securitized real estate for almost three decades (since 1994). In the Greek market, Ellington completed the acquisition of Attica Bank Group’s NPL portfolio (Project Omega) with a book value of EUR 1.28 billion a year ago.

The partnership with Intrakat will make it easier for Ellington to use the real estate it secured with red loans.

In his statements, Mr Al. Exarchou, vice president and general manager of Intrakat, stated that “we see significant opportunities in the real estate sector, and the company is investing strategically in the development of this sector.” Accordingly, Ellington Solutions President Ms. Ir. Maragudaki noted that “we are strategically positioned in the real estate management sector due to problem loans (REO). The combination of know-how with Intrakat will help change real estate development in the Greek market.”

Recall that just a few days ago, Intrakat acquired the Apanema Resort hotel in the Tagu district of Mykonos, paying 10.6 million euros. Hotel with an area of ​​1,544 sq.m. Intrakat plans to upgrade it to appeal to a different, more demanding audience.

At the same time, Intrakat management is considering a number of new steps of a similar investment nature in island destinations such as Santorini, Paros, Syros, Crete, Mykonos, as well as in the Athens market. The listed company already has in its portfolio the Branco Mykonos hotel, as well as the MET34 facility on Mitropoleos Street and the Xenodocheio Milos complex near the Old Parliament on the territory owned by the Army Capital Fund, which only began operations at the beginning of the year. Also in Mykonos, the company is starting construction of a residential complex consisting of 200 beds in Ano Mera. The specific project licensing process is expected to start shortly and will be addressed to Mykonos businesses trying to find a solution to a vital problem faced by hotels and medical facilities (restaurants and bars) in particular during the summer months. that is, the housing of their employees.