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alternative Assets News: Spanish Real Estate Intelligence

Hellenic Petroleum acquired Photovoltaic Park in northern Greece
Hellenic Petroleum SA announced the acquisition by its wholly owned subsidiary ELPE APE, of a photovoltaic project portfolio in the final stage of licensing. The park is located in the region of Kozani, northern Greece. The portfolio is sold by JUWI, a RES project development company, based in Germany. The project, with a total capacity of 204 MW, is the largest RES project in Greece and among the largest photovoltaic parks in Europe. The construction works will start in October and will last for 16 months, while the project is expected operate in the first quarter of 2022. The total budget amounts to €130 m, while Greek participation in materials, equipment and labor will be over 35%. On October 5, HELLENIC PETROLEUM FINANCE PLC (HPF), a wholly owned subsidiary of the Hellenic Petroleum, successfully completed the pricing process for the issuance of new bonds with a nominal value of €99.9 m. The funds raised through the new bonds will be used for the implementation of the project. The issuance of the new Bonds was fully covered by selected institutional investors. The European Bank for Reconstruction and Development (EBRD) contributed 75% of the funds raised. Nomura and Eurobank acted as organizers, while Freshfields Bruckhaus Deringer and Allen & Overy acted as legal advisers to the company and the organizing banks, respectively. Regarding Greek law issues, acted the law firms Bernitsas and Koutalidis. In terms of acquisition, PwC acted as the exclusive financial advisor of ELPE RENEWABLE SA, while the law firm Zepos & Yannopoulos acted as legal advisor. Original Source: Capital.gr Adaptation/Summary: Kiki Athanasiadis
Piraeus’ landmark tower to get a 99-year lease and a facelift
Prodea Investments and Cante Holdings Ltd announced the signing of the 99-year concession for Piraeus Tower, one of the most emblematic commercial buildings in Piraeus. The concession has been granted by the Municipality of Piraeus to Piraeus Tower S.A., a joint venture between Prodea Investments and Cante Holdings, for an initial annual consideration of €1,010,000. Prodea Investments holds a 30% stake in Piraeus Tower S.A. whereas Cante Holdings Ltd holds 70%. Cante Holdings Ltd is a joint venture between Dimand Group (65%) and EBRD (35%). The 22-story tower, the municipality’s largest asset, has been in disuse for over 45 years Piraeus Tower is the second tallest building in the wider region of Attica. It is an iconic 24-story building overlooking the largest port of Greece. The concession marks the beginning for the full reconstruction of Piraeus Tower and its transformation into a modern energy sustainable office and retail building with an above ground surface of 29,000 sqm and 3,500 sqm of basements. The project is expected to be completed by Q1 2023. The total investment is in the region of €50 m. This landmark project, in combination with the wider action plan of the Piraeus Municipality that aims to redevelop the area and the investment plan of Piraeus Port Authority, will contribute to the further improvement of the urban landscape, the increase of visitors and the overall financial development of Piraeus. PILA has been announced as the winner of an international competition to redesign the façade of building. The tower was built in 1975 and was originally designed by architects I. Vikelas, G. Molfesis and A. Loizou. Often referred to as the ‘sleeping giant’, the abandoned structure has in fact never been occupied except for the first three floors. According to PILA the company seeks to transform the existing architecture into a contemporary and dynamic landmark for the burgeoning Piraeus district. Original Source: Euro2day Adaptation/Summary: Kiki Athanasiadis
Amazon Web Services to open a subsidiary office in Greece
Amazon Group is reportedly preparing a local office in Greece. The office will be part of one of its main activities. More specifically, the company "Amazon Data Services Greece SA" has already been established and has its headquarters at 280 Kifisias Avenue in Chalandri. The company is managed by Tony Van den Berge, CEO of EMEA Partnerships) at AWS. AWS is the subsidiary of Amazon, providing cloud solutions and services to businesses and organizations around the world. At the beginning of 2020 there was an increase in the share capital of the Greek company, which reached €2,964 m (it was initially introduced at 50 thousand euros), which means that it is likely that the Greek office will be operational by 2020. AWS Greece will most likely be involved with the support of companies and organisations that already use its ckoud services. In fact, last February, AWS announced the launch of an Amazon CloudFront Edge site in Athens, uniting Greece and Southeast Europe on Amazon Web Services' global network. For this specific investment, there was also a meeting of the Minister of Digital Government, Kyriakos Pierrakakis, with high-ranking AWS executives. A memorandum of cooperation was signed, at this meeting with an emphasis on cooperation between the two parties in the areas of digital governance, digital skills, digital infrastructure and innovation, with the aim of supporting digital modernization in Greece. What has not been clarified is whether the creation of Amazon Data Services Greece is the first step in expanding Amazon in Greece. In the last two years, there have been several rumors that Amazon, the world's most popular e-commerce platform, is considering setting up logistics facilities in Greece, and specifically at the area of ​​Thriasio Pedio in Attica. Original Source: MoveD.gr Adaptation/Summary: Kiki Athanasiadis