ECONOMY

Grivalia to invest in more assets

Listed Grivalia Properties, formerly known as Eurobank Properties, intends to invest 500 million euros in the local real estate market over the next three years, company officials said on Wednesday during the presentation of its new brand name.

The management’s long-term target is to create a property company with assets adding up to 1.3 billion euros, compared with 726 million euros today.

Most of the funds to be invested will concern the property market, while another share will go toward energy upgrades and the certification of existing properties in its portfolio so that energy consumption is reduced by 25 percent within the next five years. Today Grivalia owns a total of 75 properties, of which 70 are in Greece, three in Romania and two in Serbia.

Chief Executive George Chrysikos said the firm’s investment program will focus on the addition of new assets in the main categories where Grivalia is already present – these being offices, commercial properties and industrial buildings. The firm is not interested in tourism properties.