The public offering of €63,250,000 and the issuance of 126,500,000 new shares, fully subscribed by Alpha Group Investments shareholders, was executed to facilitate the full transfer of the assets comprising the "Skyline" real estate portfolio to the company.
It is important to note that Alpha Group Investments Limited entered into a binding agreement with the Dimand and Premia Properties consortium in 2023 for the acquisition of a 65% equity interest in Skyline Properties Sole Proprietorship SA. This strategic partnership pertains to the management and exploitation of a real estate portfolio valued at €438 million, which will be transitioned to the new entity under the oversight of Alpha Bank.
The portfolio encompasses a diversified mix of 460 properties, including office spaces, retail establishments, residential units, and industrial/logistics facilities, among others. The total gross leasable area (GLA) of the portfolio spans approximately 500,000 square meters, featuring notable assets such as the landmark building complex located at Aiolou and Sofokleous streets, as well as the properties on Stadiou and Korai streets.
According to the official announcement, Alpha Bank retains a 35% equity stake in the newly formed company, while P&E Investments holds the majority 65% stake. P&E Investments' shareholding is further broken down as follows: Dimand holds a 55% stake, via its subsidiary Metrinwood Ltd, which also assumes responsibility for the development of properties that will remain within the Skyline portfolio. Premia Properties owns a 25% share, with the European Bank for Reconstruction and Development (EBRD) holding a 20% interest.
The initial share capital of €122,000,000 was contributed through the transfer of 100% of the shares of 12 Alpha Bank subsidiaries, which collectively owned a real estate portfolio valued at €133.42 million, in addition to a cash contribution of €8.58 million.
Companies' Announcements
In its official statement, Alpha Services and Holdings S.A., the 100% parent company of Alpha Bank S.A., confirmed that Alpha Bank, through its wholly-owned subsidiary Alpha Group Investments Limited, has successfully completed the sale of a 65% stake in Skyline Properties Sole Proprietorship S.A. ("Skyline") to P&E Investments Real Estate Development and Investment Company S.A. ("P&E"), an investment consortium controlled by Dimand S.A., Premia Properties REIC, and the European Bank for Reconstruction and Development (EBRD). This transaction, which marks the largest real estate portfolio deal conducted under open market conditions in Greece in recent years, has been finalized.
According to the announcement, "the Skyline transaction involves a diversified portfolio of properties, including office spaces, retail properties, residential units, and industrial/logistics assets. The initial acquisition value of approximately €400 million, adjusted for certain asset exclusions and third-party sales, has been reduced to approximately €300 million, comprising 460 properties. These assets will either undergo renovation and be repositioned for rental purposes or sold directly to the market. Notably, approximately €200 million of the portfolio consists of repossessed assets, enabling Alpha Bank to retain one of the lowest levels of non-performing assets (NPAs) in the Greek banking sector post-transaction."
In a separate announcement, Premia Properties REIC confirmed the completion of the transfer of a 65% equity stake in Skyline Real Estate Single Member S.A. ("SKYLINE") from Alpha Group Investments Ltd to the investment consortium P&E Investments Real Estate Development and Investment S.A.. Following the completion of the transaction, Alpha Bank will retain a 35% ownership stake in Skyline. Premia Properties holds a 25% stake in the consortium, while Dimand Group has a controlling 55% share, and the EBRD retains a 20% stake.
The REIC (Real Estate Investment Company) further detailed that, "As a result, Skyline's portfolio has been restructured from the initial acquisition value of €438 million. Following asset exclusions and sales, the portfolio now consists of 460 properties valued at approximately €298 million. The portfolio includes a mix of office, retail, and residential properties. A portion of the portfolio is already leased, while the remaining properties are intended for redevelopment, repositioning, and/or sale. Additionally, Alpha Bank will continue as a tenant in part of the portfolio and will provide long-term financing to Skyline, with a credit facility of up to €156 million."
Finally, Dimand emphasized in its statement that it holds a 55% share in the investment consortium through its subsidiary Metrinwood Ltd. (51% owned by Dimand). Premia Properties REIC and the EBRD hold 25% and 20% stakes, respectively. Dimand noted that the transaction represents a strategic expansion of its development and investment activities, enhancing its portfolio of income-generating properties and creating substantial synergies within the consortium.
