ECONOMY

Asset sale by Bain Capital woos property buyers

asset-sale-by-bain-capital-woos-property-buyers

The tender for the sale of the first batch of properties formerly used as collateral for loans has attracted a very high degree of interest from domestic and foreign investors alike, including real estate investment firms and investment funds.

The properties put up to market by Bain Capital form part of the nonperforming loan portfolios sold by banks in their effort to reduce their stock of bad loans.

Sources say the tender for the first package of properties was concluded last week, with interest spreading across its contents, though special interest has been shown in a property on Othonos Street, behind Syntagma Square, which is leased by the European Bank for Reconstruction and Development (EBRD), and a building on Sekkeri Street in downtown Kolonaki, leased by the Greek Parliament.

All the properties in this package are in central parts of Athens and already leased, with Bain Capital seeking to maximize the returns from the portfolio it acquired last year for a total of 432 million euros. This is why it has opted for a separate sale for each asset and not a package sale.