Provisional contractor appointed for the Property Acquisition and Leaseback Agency

According to the findings of the competent committees, a single binding bid was submitted by the economic operator Christofferson, Robb & Co., LLC.

Following the review of the submission and confirmation that it met the terms and requirements of the tender, the company was designated as the provisional contractor for the project.

The next stage of the process involves the submission of the award documentation by the provisional contractor. Provided that these documents are deemed complete and compliant with the applicable provisions, the company will be declared the final contractor and invited to sign the concession agreement, which will subsequently be submitted to Parliament for ratification.

It is noted that, in the tender procedure for selecting the operator of the Property Acquisition and Leaseback Agency, the final award criterion is the most economically advantageous offer. This is assessed primarily on the basis of the lowest profit margin (spread) proposed by investors above the benchmark interest rate, as well as the level of risk they are willing to assume.

In this context, the participation of the systemic banks is of critical importance, as they are actively supporting the scheme with €100 million through a direct agreement with the investor. This amount is estimated to be necessary for the long-term management and maintenance of thousands of properties.

Under the applicable institutional framework, the Property Acquisition and Leaseback Agency acquires the primary residence of vulnerable debtors at 70% of its market value and leases it back to the homeowner for a period of 12 years. The rent is calculated on the basis of the property’s value and prevailing interest rates, while the repurchase price depends on the property’s market value at the time the repurchase option is exercised. The monthly rent is determined according to the property’s value, the variable mortgage lending rate, and the investor’s profit margin.

The debtor receives a monthly housing allowance from OPEKA ranging from €70 to €210 per month, depending on household composition, significantly reducing the amount ultimately payable. The debtor also has the right to repurchase the property at any time during the 12-year lease period, provided that rent payments have been made consistently and the debtor’s financial circumstances have improved. The property may be repurchased at its market value as determined at the time the option is exercised, based on a new valuation conducted by a certified appraiser.

Until the Agency becomes fully operational, the Interim Support Programme for vulnerable debtors remains in force. Under this programme, enforcement proceedings against the debtor’s primary residence are immediately suspended, while a state subsidy of up to €210 per month is provided toward loan repayments.

Who is Christofferson, Robb & Co. (CRC)?

Christofferson, Robb & Co. (CRC) is a New York-based American investment firm specializing in credit investments, banking assets, non-performing loans (NPLs), and financial services. Founded in 2002 by Mark Robb and Michael Christofferson, the firm manages billions of dollars in assets and maintains a presence across Europe and the United States.

CRC has established a significant presence in the Greek market through investments related to the management of non-performing loans and the securitization of banking portfolios. Through various investment vehicles, the firm has collaborated with Greek banks and loan servicing companies, strengthening its position within the sector.