ECONOMY

Alpha seeks strategic partner for local property market

alpha-seeks-strategic-partner-for-local-property-market

Alpha Bank announced on Friday its intention to transform Alpha Astika Akinita into a multi-asset real estate investment platform in the Greek market as a joint venture with an international strategic partner that it is about to select.

The aim of “Project Skyline” is to be ideally positioned to capitalize on the market’s favorable fundamentals, benefitting from the capabilities and resources of its key shareholders.

The joint venture partner to be selected is currently intended to acquire, subject to all applicable securities and capital markets law rules, a controlling stake in the company and contribute to the development of its business plan, while Alpha intends to retain a minority stake in the joint venture, it announced.

The bank added that the real estate servicing unit of Alpha Astika Akinita “is expected to be acquired by and consolidated under Alpha Bank’s fully owned subsidiary, Alpha Real Estate Management and Investments SA,” with which Alpha Astika Akinita will enter a long-term agreement for the management of the latter company’s real estate portfolio.

The intended timeline for the transaction currently envisages the launch of the process in early September, the selection of the preferred partner for the transaction to take place by the end of the current year, with the consummation of the overall transaction expected within the first half of 2022, Alpha said.