Alpha Bank, via Alpha Group, sells 65% of Skyline to P&E Investments, keeping a 35% stake. Learn about the key players and future plans.
In a significant maneuver within the real estate sector, Alpha Bank, via its wholly-owned subsidiary, Alpha Group Investments Limited, has successfully executed the sale of a 65% equity interest in Skyline to P&E Investments Real Estate Development and Development Societe Anonyme. This entity boasts a shareholder composition that includes, both directly and indirectly, prominent players such as Dimand, Premia Properties, and the European Bank for Reconstruction and Development (EBRD). Following this transaction, Alpha Bank Group will maintain a minority stake of 35%.
As a corollary to this transaction, Alpha Real Estate Services has formalized a seven-year property management agreement with Skyline, thereby securing its role as the exclusive provider of property management services for the portfolio in question. This portfolio encompasses a diverse array of 460 properties, each poised for either reconstruction and strategic repositioning for rental purposes or direct sale to third-party entities.
In the official announcement, it was emphasized that the company, leveraging its extensive expertise in property management accrued over many years, will deliver a suite of services including operational management, brokerage, and technical support. This strategic initiative not only consolidates Alpha Real Estate Services’ preeminent position within the Greek market but also aims to generate substantial added value for its shareholders. Thus, the transaction marks a pivotal moment in the ongoing evolution of the real estate landscape in Greece, underscoring the dynamic interplay between investment and management in a rapidly changing economic environment.
