Greek property company Grivalia gets $50 mln IFC loan facility


Greek real estate company Grivalia Properties has arranged a 50 million euro ($53.41 million) credit facility with the World Bank’s International Finance Corporation (IFC), the IFC said on Thursday.

Grivalia will use the long-term loan facility to improve energy efficiency in its real estate portfolio and for acquisitions.

The company manages a commercial property portfolio in Greece and eastern Europe including office, retail and logistics assets rented by banks, retailers and manufacturing companies.

Its main shareholder is Canada’s Fairfax Financial Holdings with a 41.5 percent stake.

The IFC invests in emerging markets through equity and loans and currently about 640 million euros in exposure to Greece after supporting the recapitalization of its main banks.

“Our engagement in the business infrastructure space is about rebuilding confidence in Greece,” IFC Regional Director for Europe Tomasz Telma told reporters. “Our role is to be a catalyst, take the early risks and bring the private sector in.”