BUSINESS

Alpha Bank realty scheme woos 10 bidders

alpha-bank-realty-scheme-woos-10-bidders

Ten bidders have submitted binding offers for Alpha Bank’s Skyline project that aims to find a strategic investor for the joint utilization of properties worth over 500 million euros.

Alpha sources say the strong investor interest in the context of the tender process constitutes a vote of confidence in the management’s planning toward a pioneering transactions scheme that the bank has proposed, as well as in the growth prospects of the Greek real estate market.

Alpha has announced that the Skyline transaction provides for the transformation of real estate company Alpha Astika Akinita (AAA) into a property investment platform, aiming to attract a joint venture partner for investments in local realty. The AAA property service activities will be merged with those of Alpha Real Estate, creating a new strong company with considerable experience, that will supply services for the entire life cycle of properties (e.g. valuations, advisory, management etc) both to Skyline and to major third clients.

Alpha Real Estate has invested in property management and data analytics systems and set in motion its www.propertynow.gr search engine for advanced probing of the market.