NBG announces strategic partnership with Dromeus Capital and €400M CRE portfolio transaction

According to the Bank’s announcement, Dromeus will provide investment advisory and asset management services as part of the partnership. Concurrently, the Bank will sell a portfolio of commercial real estate assets for a total consideration of €400 million.

The transaction forms part of the National Bank’s strategy to actively manage its real estate holdings and optimize capital utilization, while having no material impact on its regulatory capital ratios. Specifically, the effect on the Common Equity Tier 1 (CET1) ratio is expected to be less than 0.1 percentage points, based on financial data as of 30 June 2026. Completion of the transaction remains subject to the satisfactory completion of financial and legal due diligence, the execution of definitive transaction agreements, and the receipt of the necessary regulatory approvals.

The agreement represents the next stage in a relationship that has developed between the two parties over recent years. In 2023, the National Bank acquired Greco Yota from Dromeus Capital, the company through which Dromeus managed the Bank’s headquarters building at 74 Piraeus Street, for approximately €29.5 million. The acquisition enabled the Bank to obtain full ownership of the property and significantly reduce its annual leasing costs.

Presence in the Greek Market Since 2018

Dromeus Capital entered the Greek real estate market in 2018 through the Greco Fund, an investment vehicle established exclusively to capitalize on opportunities arising in Greece following the financial crisis. At the time, the firm announced an investment program of approximately €200 million, targeting the acquisition of high-quality commercial real estate assets, primarily office buildings and income-producing properties owned by Greek banks and corporations.

Among its first major transactions was the acquisition, through a tender process conducted by National Leasing, of two landmark properties formerly owned by Babis Vovos, including the office complex located at 66 Kifisias Avenue in Maroussi, in a transaction valued at approximately €26 million.

In 2019, Dromeus acquired four office buildings from Prodea Investments for approximately €93 million, in one of the largest office real estate transactions of the period. The properties remained leased to the National Bank of Greece under long-term lease agreements.

In recent years, the Group has significantly expanded its investment footprint in Greece, extending beyond traditional office real estate. In 2024, in partnership with PIMCO through the Apto Partners platform, Dromeus announced plans to develop a network of data centers in the Greek market. Total investment under the fully developed project is estimated to reach approximately €1 billion.