Investment funds eyeing local realty
After an 18-month break, foreign investment funds are returning to the Greek property market.
Having invested funds of more than 400 million euros in Greek realty by 2019, these groups froze all moves with the outbreak of the Covid-19 pandemic until the impact of the health crisis became clearer in the sector and the economy in general.
Today the situation appears to have stabilized and funds are acting in dynamic fashion, perhaps even more than in the pre-pandemic period. For instance, Dromeus Capital has secured funds of more than €300 million that it intends to invest in the local market for the acquisition of logistics assets and data centers. It is also staking a claim to the Project Terra package of Piraeus Bank properties, worth over €1 billion. Brook Lane Capital is also eyeing Project Terra, having also set up a joint venture with Noval Property to purchase and develop office space.
Brook Lane is also said to be the main candidate for developing a mixed-use tower block at Elliniko, in cooperation with Lamda Development, an investment expected to exceed €150 million. It will include a hotel, apartments and office space.