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alternative Assets News: Spanish Real Estate Intelligence

Radisson Hotel develops serviced flats in Cyprus

Radisson Hotel Group announced the signature of the deal for the first apartments in Larnaca, that will be called "Radisson Blu serviced Apartments Larnaca".

The project is part of the agreement with SunnySeeker Hotels and the Quality Group and consists of four projects and more than 550 rooms fully operational or under construction.

The new property will have 59 serviced apartments (studios, one and two bedroom flats). There will be a café on the ground floor, and a lounge bar on the top floor, while the facilities will include a fitness center, a spa with a swimming pool, and a 100m2 area for meetings and events.

The apartments are easily accessible to visitors as they are located only 7 kilometers away from the Larnaca International Airport.

 
Greece: HRADF starts selling process of AIA shares

The Hellenic Republic Asset Development Fund that promotes the implementation of privatizations in Greece, posted an invitation to submit an Expression of Interest for the acquisition of 30% of its shares in the company “Athens International Airport SA” (ΑΙΑ).

The bidding process will take place in two phases: pre-selection and bidding. The interested parties must declare their interest by September 30th. Deutsche Bank AG (London branch) and Eurobank Ergasias act as financial advisors, the lawyers' consortium Your Legal Partners and Drakopoulos Vassalakis as legal advisors and Arup Partnership as a technical advisor to HRADF.

AIA was established in 1996 for the construction, maintenance, and operation -for a period of 30 years- of the Athens International Airport "Eleftherios Venizelos". In February 2019, the contract was prolonged for an additional 20 years (until 11/06/2046).

 
DBRS: Cyprus still facing credit challenges

DBRS says that Cyprus still faces significant credit challenges related to its NPEs, high levels of private and public sector debt, external imbalances, and the small size of its service-driven economy.

According to DBRS, progress in substantially reducing banks’ NPEs and private sector debt, and the strengthening of the banking sector would be positive. However, the ratings could come under downward pressure in a period of significantly weak growth, combined with large fiscal imbalances. A reversal of the downward trajectory in NPEs could also be negative.