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All Market News: Greek Real Estate Intelligence

DIMAND acquired land in Thessaloniki to create the largest logistics hub in Northern Greece
More specifically DIMAND acquired, through its subsidiary "APELLOU ESTATE M.A.E.", a land plot with a total area of 355.600 sq.m., 15 km from Thessaloniki on the road to Edessa for a total price of €6 m. The property was formerly owned by the company "VALKAN AKINITA S.A.". The location of the property is privileged, as it is 23 km from the center of Thessaloniki and 16 km from the port of the city. On the property DIMAND will build a Logistics complex with a total area of 120,000 sq.m. The installation of photovoltaic panels for energy production is planned on the roof of the facilities. It is estimated that the total installed capacity of photovoltaic panels will reach 12 MW and the total annual energy produced at 19,200,000 Kwh. The total gross development value of the project upon completion is estimated to be approximately €160 m. The investment is expected to create 200 new jobs during the construction period and 150 permanent jobs during the operation of the facilities. Original Source: Euro2day.gr Adaptation/Summary: Kiki Athanasiadis
 
Pimco and CarVal establish new investment fund in Greece
Groups Pimco and CarVal are proceeding with the creation of an investment fund that will buy bad loans sold by funds. The joint investment fund will be financed with €100 m with the aim of acquiring small portfolios of bad loans worth €10 or €20 m or even individual loans with collateral. The cooperation of the two large groups in Greece marks the further opening of the secondary market of bad loans, i.e. the sale of loans from funds to other funds and the claiming of part of the large pie of approximately €90 bn that has left the banks and is now concentrated in large investment funds. The secondary market is expected to accelerate in 2023, as pressure to meet the targets of the large securitizations that have been made in recent years with the support of the government guarantee mechanism, Hercules, intensifies. The major players in the market of securitized loans – Davidson Kempner, Intrum and doValue – are already proceeding with the sale of smaller portfolios, which are intended to enhance the income of the business plans submitted to the Ministry of Finance. Original Source: Kathimerini.gr Adaptation/Summary: Kiki Athanasiadis
 
A property part of Athens' cultural heritage was sold through an online auction
The home-studio and later museum of the late painter Spyros Vassiliou went up for auction with a first bid price of €533,831 and after successive "hits" it was awarded at €936,000. The property is a horizontal maisonette, right next to the Acropolis and the foot of Filopappou hill. The property is only 100 meters from the pedestrian street of Dionysios Areopagitou, at the height of Herodeion, 50 meters from the restaurant "Dionysos Zonars" and its location is considered "advantageous in terms of proximity to the most famous archaeological sites of Athens". Original Source: NewMoney.gr Adaptation/Summary: Kiki Athanasiadis