BUSINESS

Eurobank puts hundreds of properties up for sale

EVGENIA TZORTZI

TAGS: Banking, Property

Eurobank is putting its fourth portfolio of properties up for sale in the context of a broad program for relieving its financial report of the burden of real estate assets; they amount to 5,100, not including those of former subsidiary Grivalia. The portfolio sale constitutes Eurobank’s biggest to date.

The new package is worth approximately 80-90 million euros and contains 250-300 properties from all categories – i.e. residential, commercial and industrial – that are not associated with loans but belong to the bank. The process is in the premarketing phase and the submission of offers is expected within the first quarter of the year while the sale should be completed by year-end.

The bank has chosen to put this large portfolio on the market now in order to make the most of the positive climate and the high interest observed in Greek property.

After its merger with Grivalia Properties, Eurobank constitutes one of the strongest players in the real estate market. It has announced that it intends to reduce its property assets and make the most of the investment opportunities available.

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