BUSINESS

Attica Bank to set up real estate investment company

TAGS: Banking, Property

ATHEX mid-cap company Attica Bank is on the verge of setting up a real estate investment company (REIC) for the optimum utilization of its property asset portfolio, which is estimated at 160 million euros, according to sources.

Subsidiary Attica Bank Properties (ABP) intends to increase its presence in the property market in the coming months by setting up a company to invest in real estate and maximize revenues from the existing property portfolio of Greece’s fifth largest bank.

The majority of real estate assets in Attica’s portfolio are commercial properties such as office buildings, retail spaces and warehouses.

The bank’s clientele favors the further inflow of significant real estate assets, as it mostly consists of companies and professionals in the broader construction sector.

ABP chief executive Giorgos Tsoukalas said, “At the moment we are trying to create an investment product that could take the form of a REIC.”

He added that the portfolio is expect to grow through the management of the bank’s bad loans.

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