The Skyline project, concerning an Alpha Bank agreement for the transfer of approximately 570 properties to Dimand – Premia – EBRD, for a price of approximately 400 million euros, has entered the final stretch.
The binding agreement between the two parties was signed in February 2023. According to what was reported on the sidelines of the annual general meeting of Alpha Real Estate Services, which has assumed the management of the properties on behalf of investors, the delay in its completion is due to the complex and time-consuming procedures required.
Based on the agreement, Alpha will participate with 35% in the new Skyline organization and with 65% a company of Dimand (with a percentage of 55%), Remia (25%) and EBRD (20%).
The portfolio to be transferred (the properties are transferred in parts) includes offices, commercial properties, residences, industrial uses and logistics.
Some of the properties will be sold by their new owner, some will be renovated before being sold, and others will be leased, while Alpha Bank will remain a tenant in some of them.
Based on the agreement, Alpha Real Estate Services through a contract, with an initial duration of 7 years, will act as a provider of management services for the properties of the portfolio.
Regarding Alpha Real Estate Services, the decision is pending on whether it will remain on the Athens Stock Exchange. According to its management, the company is currently in discussions with the Capital Market Commission and the Stock Exchange with final decisions still pending as the free float of its shares is at 7.5%.
“2024 is a good year and we hope that we will continue like this in 2025 given the prospects of the real estate market in Greece. We expect interest in the sector to intensify thanks to the investment grade and the expected reduction in the cost of capital,” the managing director of Alpha Real Estate Services, Yannis Ganos, noted.
Alpha Real Estate Services was transformed in 2023 from a real estate company to a service provider.
