The first phase of the agreement among Alpha Bank, Dimand (in collaboration with Latsco Family Office), Premia REIC and EBRD (European Bank for Reconstruction and Development) was completed.
The project Skyline concerns the sale of a portfolio of 461 properties of Alpha Bank (offices, commercial properties, residences, industrial spaces and logistics) to the company Skyline Real Estate, for 297 million euros.
According to sources, there will be a continuation in the coming months with the transfer of other properties so that the total value of the portfolio reaches 400 million euros.
This is a business agreement between a bank, a developer and a REIC (Real Estate Investment Company) with the participation of the EBRD, which is unprecedented in the domestic real estate market.
The aim is to highlight the hidden surplus values of the portfolio through active management, improvements and energy upgrades.
Alpha Bank participates in Skyline Real Estate with 35%, while 65% belongs to a joint venture of Dimand (55%), Premia (25%) and EBRD (20%). Dimand is collaborating with Marianna Latsis’ Latsco Family Office for its participation in Skyline.
Of the total of 461 properties, 40 (worth approximately 150 million euros) are income properties. They will be reconstructed if necessary and initially maintained in the Skyline Real Estate portfolio, generating income.
The remaining 421 properties from all categories, worth 147 million euros, will be gradually sold, after the necessary repairs have been made.
Upon the signing of the contracts, the joint venture of Dimand, Premia and EBRD paid the amount of 42 million euros to Alpha Bank. About 60 million will be paid gradually from property sales, while the bank participating in the agreement is lending the joint venture of Dimand, Premia and EBRD approximately 150 million euros.
