EBRD invests €31,5M in Dimand JV
The commercial real estate market in Greece has stabilised but remains depressed.
The EBRD invested €31.5 million in a joint venture (JV) with Dimand, a leading Greek real estate developer and construction services provider with a 15-year record of successfully delivering brownfield regeneration projects.
The JV invests in sustainable commercial real estate and hospitality projects in Greece, specialising in offices, mixed-use projects, student accommodation and city hotels.
Focusing on brownfield redevelopment, deep refurbishment and regeneration projects, this investment addresses Greece's need to reposition and carry out a deep-retrofit of its existing building stock in compliance with the country's climate commitments.
According to EBRD, the commercial real estate market in Greece has stabilised but remains depressed, with rents and property valuations down by approximately 30 per cent on pre-financial crisis levels. Given that the property sector in Greece may be at the bottom of the cycle , such entry valuations appear prima facie attractive.
The EBRD’s successful partnership with Dimand places sustainability and resource efficiency at the heart of the JV’s business strategy, adhering to the best international standards while delivering stellar returns on invested capital.