Eurobank puts up for sale its fourth and largest so far property portfolio, as the bank’s management is implementing a broad program of easing its balance sheet from real estate.
According to last year’s data, Eurobank owns 5,100 real estate properties, not including Grivalia properties that have been acquired by the bank either through auctions or foreclosures.
The current portfolio for sale is worth €80-90 m and includes 250 – 300 real estate properties of all categories (residential, commercial and industrial). These properties are not mortgaged and are owned by the bank.
The sale process is at an early stage and non-binding bids are expected by the end of April. The sale is expected to be finalized within the current year. As mentioned, this portfolio is the largest one for sale until now. Another sale was made in 2019: the Star portfolio, of 642 properties was sold to AP Partners for about €26 m. 50% of the properties were in Greece, 30% in Attica, 10% in Thessaloniki and 10% on the islands.
The Star portfolio was by far the one with the most properties, but it was not the largest. Eurobank’s largest RE portfolio to date had been Opus, which included 200 commercial properties worth a total of €75m, including offices, shops, industrial real estate, warehouses. Opus portfolio as well as smaller one called Resi, (138 residential properties worth €9 m) were purchased by Brook Lane Capital.
Original Source: Mononews
Adaptation/Translation: Kiki Athanasiadis