INVEL completes €70 million transactions in the Greek market

Invel Real Estate (INVEL) announced the completion of two transactions in the Greek Market, reinforcing in 70 million euros its investment in the country.

The real estate investment and asset manager has acquired a single-borrower nonperforming loan (NPL) portfolio, secured against logistics assets in Greece and comprising a total of 55 million euros of unpaid principal balance, from a pool of Greek banks and in the cooperation with the borrower.

In a separate transaction, Invel has provided a 15 million euros secured corporate facility to the AIM-listed owner of a number of high-end hospitality and residential development projects in Greece and Cyprus. The facility was sourced off-market and was raised by the borrower to generate free cash flow following a challenging period created by the Covid-19 pandemic.

Alexis Pipilis, Invel’s Head of Acquisitions in the Hellenic region, says: “These recent deals not only demonstrate the strength of our network, relationships and platform in Greece and southern Europe, but our capabilities to undertake complex opportunities and provide creative, flexible and efficient solutions. In particular, we have a unique track record in co-operative NPLs, something that is particularly key in the successful realisation of such transactions in our core markets where the legal frameworks differ from the more established markets of northern Europe, as well as the credit market more broadly. We have successfully agreed a number of these transactions in several European jurisdictions in recent years and see significant opportunities for growth in the future.”

Since 2013, Invel has become the largest ever investor in the Greek real estate market, having acquired a 98 % equity stake in PRODEA Investments, formerly known as NBG Pangaea REIC for 1 billion euros. Under Invel’s steering, PRODEA Investments has since increased in size and it is now the largest listed REIT in Greece with a GAV of circa 2.4 billion euros.

Original Story: Property Funds World | News 
Photo: Photo by Toomas Järvet for
Edition: Prime Yield