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Piraeus Bank and Resolute Hellas enter a Real Estate Management Servicing Agreement

The agreement concerns the provision of property management and valuation services, as well as the management of assets and owner-occupied and non-main properties of Piraeus Bank in Greece.

Piraeus Bank will receive modern property management services and access to Resolute’s extensive experience and expertise. Resolute Hellas will leverage the specialised know-how of the parent company, as well as its subsidiaries specialising in the real estate management sectors, including the market-leading technology provided by its subsidiary, Recognite, and the advanced real estate services of REInvest Greece.

For Piraeus Bank, this transaction is part of its strategy for further cost savings and targeted utilisation of assets, resulting in cost savings of over €5 m per year.

Resolute Hellas is a 100% subsidiary of the Resolute Group. Resolute intends to fully integrate PREM’s activities and employees into its Greek operations, with the aim of further consolidating its leading position in the Greek real estate, asset management and advisory services market. The transaction continues Resolute’s existing long-term relationship with the Piraeus Bank Group, including the management of the Group’s non-core real estate portfolio in Bulgaria.

UBS Europe SE acted as Piraeus Bank’s financial advisor and Zeya Law Firm as legal advisor. KPMG acted as financial advisor to Resolute and KG Law Firm acted as legal advisor.

Original Source: eRed.gr

Adaptation/Summary: Kiki Athanasiadis