The Greek Real Estate Market in February

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The hotel transactions dominated the Greek NPL Market in February, according to the media publications. Only a couple of months before this year’s tourist season starts, investors seem to be placing their bets to the future of the Greek hospitality market. More hotels will become available to the market as soon as the servicers prepare the relevant portfolios, like the one coming up by Intrum, with 75 hotel units.

Offices are still a rare find in the market, but in February there have been office building transactions, as well as retail: The Florida 1 commercial part in Thessaloniki was sold to Trade Estates, which now owns the biggest commercial park in Northern Greece, with buildings occupied by the some of the biggest retailers.

On the NPL sale front, the biggest NPL portfolio even sold by a Greek bank was sold in February. Project Sky by Alpha Bank Cyprus consists of real estate projects with exposure, both to retail and wholesale borrowers, to all types of wholesale exposures, SMEs, retail banking and recovered properties.

More specifically, in February:

Hospitality

As forementioned, many hotel transactions and deals were announced in February. The Radisson Hotel Group expands its portfolio of resorts on the Greek islands with two new hotel units in Skiathos and Mykonos, in a strategic cooperation with HotelBrain. The agreement involves the Radisson Resort Plaza Skiathos, which belongs to the portfolio of BRIQ PROPERTIES REIC and is to open in June 2022, and the Radisson Blu Euphoria Resort, in Mykonos, which will also operate before the start of this summer season.

On another note, Hilton, announced its plans to expand portfolio in Greece with Pantelikon Athens Hotel, in Kifissia. The hotel will undergo an €18 m renovation prior to rebranding under Curio Collection by Hilton. In Rhodes, Zetland Capital acquired the Lindian Village Hotel. The price amounted to €27 m, which is the highest price ever achieved in Rhodes. Back in Athens, Hungarian Indotek acquired the Oscar Hotel, making its debut in the Greek market, for € 5.5 m. On top af all the above, a mega-deal seems to be coming up in the North, in Halkidiki. The Grigoriadis family (GHotels) is close to a deal with a foreign investment group to sell three of its biggest hotels of total value that is estimated to exceed €80 m.

Offices

Office building in Athens are indeel a rare find, and one of the most central are the former Headquarters of the Lamprakis Puplishing Company. German company ehret + klein acquired the building at 1-3 Christou Lada Street of approximately 3,500 sq.m. which is located in the center of the so-called Commercial Triangle of Athens, which consists of Syntagma Square, Omonia Square and Monastiraki.

More transactions were published in the office sector, one being by Techniki Olympiaki the acquisition of a three storey building in Koropi at the price of €2.5 m. The building has a total area of 4,267 sqm on a plot of 4,570 sqm, and is located at the 2nd kilometer of Vari – Koropi Avenue. Trastor  REIC, on another note, purchased an office building with a total area of 2,165.86 sq.m., in Maroussi at €2,351,000.

Retail

In regard to retail, the mega-transaction of the Florida 1 commercial part in Thessaloniki to Trade Estates was finalized. The commercial park was built in 2000 and it used to belong to Pradera.

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