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All Market News: Greek Real Estate Intelligence

Noval Property acquired 100% of the River West shopping centre and the IKEA hyper-market
Noval Property announced the completion of the merger by absorption of METEM S.A. As a result of this merger, Noval Property acquired full ownership of the River West shopping center and the IKEA hyper-market located on Kifissos Avenue (previously, Noval Property owned 54.428% of the undivided share of these properties). Through the merger, the value of Noval Property’s real estate portfolio is now set at €349.1 m. At the same time, Noval Property announced that The Orbit office building located at 115 Kifissias Avenue has been LEED v4 certified for Core & Shell at Platinum level, and is the first project of its kind to receive this certification in Greece. Noval Property is the second largest Greek REIC based on its real estate portfolio value. Noval Property’s real estate portfolio, which is comprised of 42 properties located mainly in Greece and selectively in Bulgaria, consists of office buildings, shopping malls, hotels and industrial buildings with a total built area of c.430,000 sqm. Noval Property is a subsidiary of Viohalco in the real estate industry. Original Source: Adaptation/summary: Kiki Athanasiadis
Ten Brinke purchases Logistics center in Thessaloniki
Despite the pandemic, investment deals in logistics centers are still taking place, among others due to the privatization of Greece's two major ports. Earlier this month, the Dutch company Ten Brinke completed the acquisition of the company Delta 4 which is based in Thessaloniki. Delta 4 does distribution, transit and handling of goods. The company has a building of fire protection specifications Z3, area 22,500 sq.m., with modern office spaces of 1,500 sq.m., located at the entrance of the Industrial Area of ​​Sindos. This is one of the largest such facilities at the port of Thessaloniki. Following the privatization of the port of Thessaloniki, the growth prospects of DELTA 4 appear stronger. "Seagull" has taken over the management of the company since early November. Original Source: Adaptation/Summary: Kiki Athanasiadis
Alpha Bank picks Davidson Kempner for Galaxy bad-loan portfolio and Cepal
Alpha Bank has selected Davidson Kempner as its preferred bidder to buy a €10.8 bn portfolio of non-performing. The portfolio, known as Galaxy Project also includes the disposal of Alpha Bank’s bad loan servicer, Cepal. Davidson Kempner has valued the assets at about €290 m, trumping a rival offer by PIMCO. The sale, which is expected to be finalized by the end of 2020, is the most significant attempt by a Greek bank to clean up its balance sheet amid fears that the proportion of soured loans to businesses and individuals will surge as a consequence of the Covid-19 crisis. The sale of the Galaxy portfolio is expected to reduce Alpha Bank’s NPE ratio to 24% from around 43% and its NPL ratio down to 13% from 30%. Alpha Bank launched the process early this year, drawing initial interest from a series of bidders including Italian firms Cerved and Credito Fondiario. But only Davidson Kempner and Pimco made binding offers and advanced to the final stages of the auction, with Alpha’s board selecting Davidson Kempner as its preferred bidder after a board meeting on Friday. Cepal, with a headcount of about 900, will be servicing the portfolio of bad loans that Davidson Kempner is expected to buy, in addition to non-performing loans of other parties. It currently services a little under €30 bn of bad loans. Original Source: Euro2day Adaptation/Summary: Kiki Athanasiadis