EBRD Invests €21.7 Million in Greece’s Real Estate Sector

The European Bank for Reconstruction and Development (EBRD) has committed €21.7 million to the P&E Investments Axiopoiisis & Anaptyxis Akiniton consortium in Greece. EBRD is investing to acquire a 20% equity stake in the consortium, using the funds to purchase shares in Skyline, a newly created special purpose vehicle

Skyline Portfolio and Redevelopment Plans

Skyline, a newly-formed entity within the consortium, holds a portfolio of approximately 460 commercial and residential properties. The consortium has identified these properties for redevelopment, repositioning, or sale. The consortium, which includes EBRD, Dimand, and Premia Properties, will acquire a 65% controlling stake in Skyline, while Alpha Bank will retain the remaining 35%.

The project aims to transform prime real estate assets, enhancing their value through redevelopment and repositioning efforts. The project aims to improve primary and secondary cities' functionality and create investment opportunities for retail investors in existing buildings.

Sustainability and Green Building Standards

The project will improve the sustainability of the real estate sector while also offering financial benefits. It will promote resource efficiency, green leases with tenants, and raise awareness about energy and water efficiency. Redeveloped properties in the Skyline portfolio will target high green building standards, including LEED Gold or BREEAM Very Good certifications.

The project also aims to strengthen climate governance practices within the real estate sector. The project will follow the GRESB reporting standards to enhance the sustainability report and keep up with international environmental, social, and governance standards.

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EBRD's Contribution to Greek Economic Growth

EBRD has been operating in Greece since 2015 under provisional arrangements, helping this country come out of economic crises. To date, more than €8 billion have been invested in 116 projects carried out by the bank under its corporate, financial, energy, and infrastructure sectors contributing to economic development in Greece. The EBRD is now furthering its commitment to sustainable growth and development in Greece with this new investment in the real estate sector.