Greece’s Alpha Bank has sold 573 real estate assets to a consortium consisting of Dimand and Premia Properties REIC for €438 mln.
This is the largest open market real estate portfolio transaction in Greece in recent years.
The consortium will acquire 65% of Skyline Real Estate Single Member, the vehicle that shall hold the real estate portfolio, with Alpha Bank retaining a 35% stake.
The portfolio includes offices, commercial real estate, residential and industrial/logistics assets, with a gross area of around 500,000 m2.
Alpha Bank Group will remain as tenant for certain assets, while the rest of the portfolio will either be redeveloped and repositioned for rental use or sold directly to the market.
Alpha Bank Group’s real estate servicer Alpha Astika Akinita (AAA) will enter into an initial seven-year exclusive asset management services agreement with Skyline.
Alpha Bank will provide the investor consortium with a long-term funding facility of up to €240 mln, which will cover part of the acquisition and redevelopment costs of the project.
The transaction should be concluded by the end of Q2 2023.
Axia Ventures Group and Alpha Bank's Corporate Finance Division acted as Alpha Bank’s Financial Advisors, White & Case advised on international legal matters and Karatzas & Partners Law Firm on Greek law matters.