Premia Properties REIC has announced the completion of a transfer of 65% of the share capital of Skyline Real Estate Single Member S.A. from Alpha Group Investments Ltd to the P&E Investments Axiopoiisis kai Anaptyxis Akiniton Societe Anonyme investment vehicle. The Alpha Bank Group is retaining the remaining 35% stake in Skyline.
Premia represents 25% of the acquiring consortium, with Dimand Group representing 55% and the European Bank for Reconstruction and Development representing the remaining 20%.
According to Premia, completion of the transaction — which it describes as “one of the largest and most complex real estate transactions in the Greek market” — comes “following an extensive period of intensive actions towards maturing the properties, as well as active asset management and marketing. As a result,
Skyline’s portfolio has been modified compared to the initial of EUR 438 million in purchase value and, following exclusion from the perimeter and the sale of certain assets, comprises 460 properties with a total purchase value of EUR 298 million, in various sectors (i.e. offices, retail, residential etc.).”
In addition, Premia reports, “part of the portfolio is already leased, while the rest are intended to be either redeveloped and/or repositioned in the market, or sold. Alpha Bank remains as tenant in part of the portfolio and also supports Skyline through long-term debt financing of up to EUR 156 million.”
PricewaterhouseCoopers Business Solutions S.A. acted as financial advisor to the acquiring investor consortium. The Sullivan & Cromwell law firm advised the consortium on international legal matters and Greece’s Potamitis-Vekris law firm advised on Greek law matters.