EBRD invests €21.7 million in Greek real estate redevelopment consortium

The European Bank for Reconstruction and Development (EBRD) has announced a €21.7 million equity investment in the P&E Investments Axiopoiisis & Anaptyxis Akiniton consortium in Greece. The consortium, which includes longtime EBRD partner Dimand and Premia Properties, will grant the EBRD a 20% stake in its capital.

The funds from this investment will be allocated toward acquiring shares in Skyline, a newly established special purpose vehicle (SPV). Skyline’s portfolio consists of approximately 460 commercial and residential properties identified for redevelopment, repositioning, or trade sale. The consortium will acquire a 65% stake in Skyline, which Dimand will oversee, while the remaining 35% will be retained by the seller, Alpha Bank.

The project is designed to redevelop prime assets, aiming to meet top-tier specifications or unlock value through strategic repositioning. Additionally, granular assets will be redirected to the market, enhancing the functionality of Greece’s primary and secondary cities while providing retail investors with opportunities to invest in existing building stock.

A key focus of the project is on sustainability, emphasizing the efficient use of resources and tenant engagement through green leases. Redeveloped assets in the portfolio will target compliance with high green building standards, such as LEED Gold or BREEAM Very Good certifications.

The initiative will also strengthen climate governance practices by adopting GRESB reporting standards, a globally recognized benchmark for environmental, social, and governance (ESG) performance in real estate.

The EBRD has been operating in Greece since 2015, contributing to the country’s economic recovery through investments across corporate, financial, energy, and infrastructure sectors. To date, the Bank has invested over €8 billion in 116 projects, reaffirming its commitment to fostering sustainable growth in Greece.

This latest investment not only advances urban redevelopment but also aligns with the EBRD’s broader objectives of promoting sustainability, innovation, and resilience in the real estate sector.

Source: EBRD
Photo: EBRD