Premia inks deal for 65% stake in Skyline
Premia inks deal for 65% stake in Skyline

Premia inks deal for 65% stake in Skyline

The total value of the real estate portfolio amounts to €438 million.
RE+D magazine

Premia Properties R.E.I.C. ("PREMIA") informed the investing public that on 04.02.023 a definitive agreement was signed for the acquisition of 65% of the share capital of Skyline Real Estate Single Member S.A. ("Skyline") from Alpha Group Investments Ltd of the Alpha Bank Group, in the investment scheme of "P & E INVESTMENTS S.A. PROPERTY DEVELOPMENT" (the "Investor Consortium").

PREMIA’s participation in the Investor Consortium is 25%, while Dimand Group participates with a 75%. 

The Investor Consortium will acquire 65% of the share capital of Skyline, which is the vehicle that will own the real estate portfolio, and Alpha Bank will retain a 35% stake. Furthermore, Alpha Bank will financially support the project Skyline through a long term loan up to the amount of € 240 million.

The portfolio comprises 573 assets in various sectors (i.e. offices, commercial real estate, retail, residential assets, industrial/logistics assets), with a total gross area of approximately 500,000 sq.m.

A significant number of assets are already being leased, with Alpha Bank being the main tenant, while the rest are intended to be, either redeveloped and repositioned in the real estate market, or to be sold. 

The total value of the real estate portfolio amounts to €438 million, and will gradually be transferred to Skyline in phases. We aim for this transaction to be completed by the end of the 2nd quarter of 2023. As advisors to the Investor Consortium acted PricewaterhouseCoopers Business Solutions S.A. (PwC) (financial advisors), DLA Piper (as legal advisors of foreign law), and Potamitis-Vekris (as legal advisors of Greek law).

Mr. Elias Georgiadis, Chairman of the BoD of PREMIA PROPERTIES, made the following statement: "This agreement enhances Premia’s strategic plan through the acquisition of a significant real estate portfolio with great prospects of high profitability. We are happy to cooperate with DIMAND, a strategic partner for Premia, as well as with ALPHA Bank which remains as a shareholder in Skyline and also finances this venture. We are certain of the success of the Skyline project, a pioneering project for the Greek real estate standards". 

Mr. Konstantinos Markazos, CEO of PREMIA PROPERTIES, stated: "PREMIA, through its participation in Skyline, will strengthen its profitability and will consolidate a leading role in the Greek real estate investment market. PREMIA's role in the managerial scheme of this project will be active with a key scope to significantly contribute to the success of the largest real estate portfolio transfer in recent years, in Greece. This investment will strengthen PREMIA's fundamentals and lead to its dynamic growth over the next five years."