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All Market News: Greek Real Estate Intelligence

Trade Estate: New logistics center in Elefsina
Trade Estate, the REIC of Fourlis Group, has signed a pre-contract agreement for the lease of new storage facilities in Elefsina. The company has entered an agreement with an independent retail group for a development of a logistics center of over 50,000 sq.m. In early 2022, Trade Estate reached an agreement with RECON SA, which already had plots in Elefsina, for the joint creation of an integrated complex. After the acquisition of 50 % of RECON, Trade Estate entered into a bond agreement of €10,283 m, with a 7-year maturity to that company, which is expected to finance the development of the investment.  In addition to this investment, Trade Estate also has pre-contract agreements for the acquisition of retail parks in Ioannina and Larissa, in which two medium-sized IKEA stores operate. After the transactions of the first months of 2022, the value of the company’s assets amounted to €270.9 m, with logistics centers and large retail parks. Original Source: Euro2day.gr Adaptation/Summary: Kiki Athanasiadis
 
EOS and Intrum take over portfolios with unsecured loans from doValue
The unsecured loan portfolios that doValue is selling on behalf of Frontier and Cairo I and II securitisations, will pass to EOS and Intrum. EOS reportedly signed a purchase agreement for a loan portfolio of approximately €800 m and a gross book value of €450 m (Virgo Portfolio), which is a fraction of Frontier I securitised assets. The Frontier I securitisation transaction ended last December with the sale to the Bain-Fortress-doValue consortium of 95 % of mezzanine and junior notes, while NBG held 5 % of the series as well as 100 % of senior notes. The portfolio is serviced by doValue. EOS has been moving quite aggressively recently in Greece and other European markets. In addition to the Virgo portfolio, it also claims the portfolio of hotel loans (project Tethys) through Southrock and in collaboration with Deutsche Bank. Southrock has built a remarkable real estate portfolio, buying the Petra (Eurobank), Oistros (Piraeus) portfolios as well as part of the Amoeba sold by Bain. Meanwhile, doValue concluded a second tender for the sale of its unsecured claims portfolio. These claims belong to the SPVs of Cairo I and Cairo II securitisations. Reportedly Intrum emerged as the preferred investor for the Souk project. The portfolio includes about 60 thousand NPLs, all of them without collateral, or card receivables and concerns about 50,000 borrowers. Hellenic Finance of Anthimos Thomopoulos operates as a consultant to doValue. These are the first transactions of doValue in the secondary market. Original Source: Euro2day.gr Adaptation/Summary: Kiki Athanasiadis
 
Noval acquires properties in Attica
Noval Property purchased a property owned by Hippocrates-Ioanni Stasinopoulos, for the price of €1.4 m. It is a property on the Marousi-Chalandri road, which is used as a recycling center by ELVAL HALKOR. The company also purchased a plot of 1093.97 sq.m. of SANITAS Hygiene and Hydraulics, on Frangoklisia and Marousi-Chalandri Streets, for €1 m. Original Source: Euro2day.gr Adaptation/Summary: Kiki Athanasiadis