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All Market News: Spanish Real Estate Intelligence

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
 
All 4 Greek systemic banks to enter Hercules securitisation scheme in 2020
The Greek banks are expected to transfer to Hercules NPLs worth €30 bn. The course of the Greek Asset Protection Scheme has dominated the discussions between the Greek government and the mission chiefs of the country’s creditors. Even though Hercules is not a prerequisite for the next evaluation, the interest of the creditors for its course is intense, especially after the pandemic breakthrough. The Greek banks are expected to reduce their non-performing loans by €60.9 bn, at a time when the recession due to the pandemic is estimated to create another  €7-10 bn NPLs. As the government told the creditors, the securitisation process has been moving fast; Eurobank completed, in the middle of the pandemic, the transfer of the third securitisation of the Cairo NPL portfolio, totalling €7.5 bn. The Galaxy securitisation amounting to €10.5 bn by Alpha Bank comes next, and securitisations by Piraeus Bank and NBG will follow. Alpha Bank's Galaxy securitisation completed its non-binding bidding phase last week, with Bain Capital, PIMCO, Cerved Group and the Elliot-Credito Fondiario partnership being some of the bidders for both the securitisation and the acquisition of Cepal. The bank now expects the completion of the evaluation by DBRS, in order to proceed with the application for entering Hercules. The submission of binding bids for the Galaxy project could take place even before the end of September. The surprise comes from NBG, which did not plan to enter Hercules before 2021. The Bank will start the approach of investors for the securitisation of Frontier (€6 bn), at the second half of 2020. With this securitisation, the bank's NPE ratio will fall below 15%. Piraeus Bank already proceeds with two securitisations, totalling €7 bn. The Vega securitisation (€5 bn), for which the Bank recently selected JP Morgan as the contractor, and the Phoenix securitisation, (€2 bn), for which UBS was selected as the contractor. The government will closely monitor the banks' demand for Hercules and will proceed with Hercules 2, extending the duration of the scheme and increasing the state guarantees. Meanwhile, the Bank of Greece is promoting its plan for the creation of a bad bank, estimating that the tools for dealing with NPLs should be further supported. The BoG has hired three consultancies, which will study the proposal for the establishment of Asset Management Company: Rothschild, Boston Consulting and Deloitte will undertake respectively: the investigation of the conditions for the transfer of NPLs from banks to the Asset Management Company, the adaptation of the plan to European regulations and legislation, and tax issues. Original Source: Capital.gr Adaptation/Summary: Kiki Athanasiadis
 
Non-binding bids were submitted for Alpha Bank's Cepal-Galaxy project
Reportedly, at least five investors have entered last week the bidding process for Alpha Bank's Galaxy Project, including PIMCO and Bain. Alpha Bank management is optimistic for the outcome of the tender. The project consists of 100% of the new Cepal (servicer) and 95% of the intermediate and low rating titles of Galaxy. There is also information about another major player in the secondary market, who signed a confidentiality agreement and entered the process at the last minute. Alpha Bank executives say they are satisfied with the number and quality of bids, noting that if competition remains at this level and when bids are submitted, the new Cepal will be transformed into a strong investment scheme, creating growth and security conditions for its staff. The sale of up to 100% of Cepal and 95% of the titles of the intermediate and low-grade Galaxy title is the first large-scale modular transaction to come out after the pandemic in Europe. Cepal, which has been servicing the NPLs of Alpha Bank, comes with NPL claims of €27 bn. The fact that the buyer can get 100% of Cepal is an advantage as the buyer can create the strongest independent servicer in terms of portfolio and prospects in the domestic market. In the cases of Intrum Hellas and doValue Greece, Piraeus and Eurobank, respectively, maintained 20%, with the right to sell in a few years. Original Source: Euro2day Adaptation/Summary: Kiki Athanasiadis