Despite over six months of intensive efforts by the teams involved in the execution of the transaction, including the reduction of the initial scope and the completion of a new due diligence process, it was determined that the profit margins for Aktor were insufficient, leading to the definitive cancellation of the deal.
The Aktor Group formally notified the Hellenic Capital Market Commission that, despite exhaustive efforts by all parties involved to finalize the transaction, its completion was not viable. Consequently, the agreement was terminated. In a separate communication to the Commission, Prodea confirmed the annulment of the transaction and indicated that the terms outlined in the Framework Agreement, including penalty provisions exceeding €10 million, would be enforced.
According to industry experts, a pivotal factor in this outcome was the acquisition of Aktor Concessions, which was assessed to provide similar future profitability without the burden of excessive leverage. This alternative approach, therefore, presents a safer and more streamlined strategy for the Aktor Group.
The portfolio under consideration for the transaction consisted of 39 properties, including the HUB 26 office complex in Thessaloniki, and the "Avenue" and "City Tower" shopping centers in Athens and Bulgaria, respectively. Aktor had expected that the acquisition of these high-value assets from the Real Estate Investment Company (REIC), all of which are leased to prime tenants, would significantly enhance the real estate division’s EBITDA, secure substantial cash flows, and generate long-term capital appreciation.
As disclosed approximately one year ago, the portfolio to be transferred carried a debt load of approximately 50%. Upon completion, this transaction was projected to relieve Prodea of around €300 million in debt obligations, while Aktor would have refinanced its own debt under revised terms. However, as the current situation reveals, the acquisition of this portfolio would have necessitated Aktor securing a substantial loan, which would have carried elevated interest rates, thus becoming a significant strain on both the company’s balance sheet and its broader restructuring efforts.
As previously outlined, the capital required for this €580 million investment was structured as follows: 75% from non-recourse bank debt (€432 million), 15% from non-recourse subordinated debt, and 10% from equity.
Prodea’s Official Announcement:
"PRODEA REAL ESTATE INVESTMENT COMPANY" (the "Company"), in response to a related inquiry from the Hellenic Capital Market Commission and following its announcements on October 29, 2024, and August 14, 2025, regarding the Framework Agreement executed with "INTRAKAT S.A. Technical and Energy Works," now rebranded as "AKTOR Group of Companies," under which the Company was to sell a real estate portfolio valued at €579.4 million, hereby informs the investment community that, despite concerted efforts by all parties involved to finalize the transaction, completion was not achievable. As a result, the transaction is officially cancelled, and the provisions of the Framework Agreement will be executed as originally agreed."
