Investment aims to support the sustainability and repositioning of assets in the Greek real estate sector
By Olga Aristeidou
The European Bank for Reconstruction and Development (EBRD) is investing €21.7 million(US$22.6million) in the P&E Investments Axiopoiisis & Anaptyxis Akiniton consortium in Greece, alongside Dimand – a longstanding partner of the Bank – and Premia Properties, in exchange for a 20 per cent share of the consortium’s capital.
The proceeds from the EBRD’s equity investment will be used to acquire shares in Skyline, a newly established special purpose vehicle.
Skyline is a portfolio of around 460 commercial and residential properties which the consortium has identified for redevelopment, repositioning or trade sale. The consortium will acquire a 65 per cent stake in Skyline, which Dimand will control, with the seller, Alpha Bank, retaining the remaining 35 per cent.
This project will support the redevelopment of prime assets, helping them to achieve the highest specifications and/or unlock value through repositioning. At the same time, it will redirect granular assets back to the market, improving the functionality of primary and secondary cities and giving retail investors opportunities to direct funding towards existing building stock.
The project will enhance the sustainability of the real estate sector by promoting the efficient use of resources, engaging tenants through green leases, and raising awareness of energy and water efficiency. Extensively redeveloped assets in the portfolio will aim to comply with exacting green building standards – at least LEED Gold or BREEAM Very Good.
In addition, the project is also expected to enhance climate governance practices by adopting GRESB reporting standards, a global environmental, social and governance (ESG) benchmark for real estate.
The EBRD started operating in Greece on a temporary basis in 2015 to support the country’s economic recovery. To date, the Bank has invested more than €8 billion in 116 projects in the corporate, financial, energy and infrastructure sectors of the Greek economy.
