Piraeus bank and Resolute reached an agreement for the firm to provide real estate services in Greece.
According to a relevant announcement, in this context, Piraeus Real Estate Management Sole Proprietorship (“PREM”) was acquired by Resolute Hellas Sole Proprietorship S.A. (“Resolute Hellas”).
The agreement concerns the provision of property management and valuation services, as well as the management of assets and owner-occupied and non-main properties of Piraeus in Greece.
The transaction
As stated in the announcement, Piraeus Bank will receive modern property management services and access to Resolute’s extensive experience and expertise. Resolute Hellas will leverage the specialized know-how of the parent company, as well as its subsidiaries specializing in the real estate management sectors, including the market-leading technology provided by its subsidiary, Recognite, and the advanced real estate services of REInvest Greece.
For the Bank, this transaction is part of its strategy for further cost savings and targeted utilization of assets, resulting in cost savings of over €5 million per year.
Resolute Hellas is a 100% subsidiary of the Resolute Group. Resolute intends to fully integrate PREM’s activities and employees into its Greek operations, with the aim of further consolidating its leading position in the Greek real estate, asset management and advisory services market. The transaction continues Resolute’s existing long-term relationship with the Piraeus Bank Group, including the management of the Group’s non-core real estate portfolio in Bulgaria.
UBS Europe SE acted as Piraeus Bank’s financial advisor and Zeya Law Firm as legal advisor. KPMG acted as financial advisor to Resolute and KG Law Firm acted as legal advisor.
Latest News
Deadline for Postal Vote Registration Expires on Mon.
More than 157,000 Greek citizens had registered on the relevant online platform so far
Orthodox Palm Sunday Today; Shops Open in Greater Athens-Piraeus Area
Orthodox Holy Week begins on Monday, April 29, and ends on Sunday, Easter Sunday or Great and Holy Pascha (May 5)
Greek Retailers Remain Optimistic About Easter Shoppers’ Turnout
While stores are expected to be open on Sunday, April 28, the majority of Easter shoppers will likely do their shopping during the Holy Week, following the deposit of Easter bonuses
Europeche: Greek Apricot Production Recovers
Europeche forecasts the production will bounce back despite a slight decrease in varieties attributed to high winter temperatures
Bank of Greece (BoG): Business-Household Deposits Up 1,675bln in March 2024
In March 2024, the monthly net flow of credit to the general government was negative by 469 million euros
FT: Greece’s Economic Rebound a Balance of Growth and Poverty
Eurostat data revealed a significant 10.8% drop in Greek public debt relative to GDP in 2023, alongside a 2% economic expansion, outpacing Germany's performance.
Lavrio Port Authority Next Up for Privatization
A deadline for the submission of expressions of interest is May 14, 2024
Eurostat: Greece Records Largest Drop in Natural Gas Prices in 2nd Half of 2023
The price of electricity and natural gas in Europe was down following a substantial surge that began before the Russian invasion of Ukraine and peaked in 2022
GEK TERNA Still Considers Leveraging Concessions Portfolio as Financial Tool
President and CEO of Gek Terna George Peristeris explained the company's plans on Tuesday on the sidelines of the inauguration of sections of Greece's E65 highway
NielsenIQ: 3% Supermarket Revenue Increase in Q1
Private label products are gaining traction, comprising 25.4% of shopping basket shares, up from 24.7%