Resolute Asset Management Group and Cepal Hellas announced the completion of the merger of Kaican – Resolute IKE and the conclusion of a joint venture agreement. This is a strategic partnership with the aim to change the landscape in real estate management and radically upgrade the services offered in the Greek market. The new company, Resolute Cepal Greece SA (RCG), will be a key player in the real estate asset management sector as well as in real estate consultancy services by combining the international know-how and expertise of the two companies along with innovation and cutting-edge technologies.
RCG will provide real estate management and consultancy services for a wide range of clients, including banks, credit management servicers, private equity funds, institutional investors, and Greek public companies and organisations. The new company’s portfolio will include existing clients, Resolute Group portfolios, and €14 billion in properties and real estate collaterals that are already under the management of Cepal Hellas.
In addition to RCG’s unique management capacity, the company will specially emphasize on the provision of internationally innovative services, adapted to the characteristics of the Greek market and the individual needs of each client. By combining the technological expertise and excellence of Resolute Group and Cepal Hellas, RCG will develop and provide integrated solutions to capitalise on the tremendous technological capabilities of both Recognyte (the advanced analytics and technology arm of Resolute) and Cepal’s leading online platform in the management of non-performing exposures (NPEs). REInvest Greece, a leading real estate agency and services company –whose majority ownership has already been transferred from Resolute to the joint venture– will also have a catalytic role in bolstering RCG’s ability to deliver excellent services across its clientele.
Bill Hancock, Managing Partner of Resolute Asset Management Group and Chairman of RCG, made the following statement regarding the agreement: “RCG marks the beginning of a new era in real estate management in Greece. In this case, the whole is far greater than the sum of the parts. The capabilities, international experience and market-leading expertise of the two companies are considerably greater and much more significant together –in one company– than they are separately. This changes the status quo, unleashing the enormous potential of the market. RCG’s goal is to create real value in a sector critical to the country’s economic growth and social prosperity”.
Mr. Theodore Athanassopoulos, CEO of Cepal Hellas & VP of Resolute Cepal Greece stated: “The launch of RCG is a big step for the Greek real estate market. We are proud that our shared vision with Resolute Group to create a specialized and independent Real Estate Servicer is now a reality. Through an exceptional partnership, Resolute Cepal Greece will offer robust real estate portfolio management services that will maximize the value of the assets in the portfolios we manage while it will also drive the transformation of the growing Greek real estate market in line with international and high standards of transparency and efficiency. We would like to thank our advisors UBS and Potamitis-Vekris for the valuable assistance into achieving this important milestone.”
