The London-based company Valpre Capital recently announced the acquisition of a property in central Athens: an office building located on Piraeus Street, in the heart of Omonia Square. The property, with a total area of 2,900 square meters, will undergo extensive renovations to meet the needs of modern travelers and residents.
Upon completion, the aparthotel will be managed by an internationally recognized brand, which will be announced by the end of February.
This transaction follows a similar investment made a few months earlier, which served as a “pilot” for the company’s entry into the Athens serviced apartments market.
"We may not be purchasing at the same prices as two years ago in Athens, but we are acquiring properties at favorable prices with significant discounts, given that substantial renovations are required for the conversion of the building to residential use," commented Ahmad.
As stated by the investment company's managing partner, Valpre’s portfolio is 90% focused on real estate and 10% on renewable energy projects. The company’s real estate investments primarily focus on Build-to-Rent (BTR) and Build-to-Sell (BTS) projects, with the objective of addressing the shortage of residential units in urban centers.
To date, Valpre has a presence in Ireland and the United Kingdom, with a focus on cities such as Dublin and London.
When asked by RED about the rationale for choosing Athens, Mr. Ahmad was clear: "The short-term rental and affordable luxury accommodation market in Athens is undergoing a transformation." Specifically, the recent regulation of the short-term rental market and Airbnb in Greece, the significant shortage of affordable rooms for the growing number of tourists who are increasingly choosing to stay in Athens rather than using it solely as a transit point to the islands, as well as the increased demand for affordable luxury residential units for short-term rentals, were key factors in selecting the Greek capital.
According to Mr. Ahmad, the company aims to develop a real estate portfolio in Athens consisting of 150-160 residential units across at least three buildings, some of which will be located near Ermou Street. Thessaloniki is the next target market.
Once the portfolio has matured, the goal is to sell it to an institutional investor, with potential exit scenarios including international family offices from the Middle East or Eastern countries, European institutional investors, or even domestic REITs, such as Prodea.
Ahmad has over 18 years of experience in banking, real estate and investment management. Prior to co-founding Valpre Capital Ahmad was running a real-estate business (which he launched in 2012) in the UK focused on the development and management of prime Central London residential properties as well as operations in property finding, letting, and sales. Ahmad had joined the Oger Group in 2008 and worked for the Insurance and Reinsurance subsidiary, MedGulf and later for the corporate finance team involved in financings across the Construction, Banking and Telecoms operations. He started his career with Citigroup in London where he worked in the Project Finance team involved in large infrastructure financings across oil and gas, power and industrials. Ahmad holds a Bachelor of Business and Finance from the American University of Beirut.
