Older people enter the real estate market "new" players

Everty Greece recently acquired Elounda Gulf Villas in Crete. This is a five-star hotel complex consisting of 18 luxury private villas and 15 suites.

The recovery of the real estate market and investment opportunities opening up in various building categories have contributed to the growth of business partnerships as well as the emergence of new players in the sector. True, most of them are Greek oligarchic clans.

This development is reminiscent of the 2000s, when the sector experienced rapid growth, attracting companies and investors from other sectors of the economy and from abroad.

One such example is Intracom Properties – a newly created subsidiary of the technology group Intracom, the brainchild of the unforgettable Greek oligarch Kokkalis, which has already built a portfolio of profitable properties worth 100 million euros – is dynamically entering the real estate market. In the first stage, it is planned to further develop the portfolio to 200 million euros, after which the new company will be listed on the Athens Stock Exchange.

By the end of 2024, the company’s management plans to create a real estate portfolio that will generate annual rental income of €8 million

Among other things, the company took over a number of real estate properties of the Intracom group, primarily an office building worth 44 million euros and an area of ​​32 thousand square meters. m, located on the 19th km of the Peania-Markopoulou road, which in the past housed most of the group’s companies. Today it houses, among others, the companies Intrakat, Intralot and Netcompany Intrasoft. Also of significant value is the office building on Adrianiou and Papada Streets (near the intersection of Kifisias and Katehaki Streets), leased by Vodafone, with an area of ​​6,850 m². In total, the company owns 15 properties, including six offices, two commercial stores and three warehouses. Their estimated value is 113 million euros, and their total area is 60,000 square meters. m.

At the same time, the company completes the acquisition (and takeover) of Klukinas – I. Lappas. The latter owns a significant portfolio of commercial stores and related real estate. Its “flagships” are two stores on Ermu Street, 44-46, with an area of ​​800 square meters. m and 1438 sq. m, which are rented by the Adidas and Zara chains (Inditex group), respectively. Intracom Properties’ goal is to exploit this portfolio, for example by renovating or upgrading the properties, changing their use and leasing them, or even by selling them outright.

Significant investment activity in the Greek market is being developed by the Everty Greece group, which is an investment arm in Greek real estate on behalf of the American investment group YNV Group. The group operates five companies in the technology, education and real estate sectors. Everty Greece’s real estate portfolio is already close to 100 million euros, and in recent months four new buildings have appeared under its management. The latest investment was the largest: the company acquired a portfolio of two logistics buildings in the Aspropyrgos area (West Attica). These are buildings with a total area of ​​33,000 square meters. m, leased to transnational logistics groups in Mavro-Litari and Melissia. According to market sources, the value of this transaction could exceed 20 million euros.

Offices, retail stores, logistics buildings and tourist complexes under the microscope of companies

The company recently made another investment – it acquired the Elounda Gulf Villas hotel complex on the island of Crete. This is a five-star luxury complex consisting of 18 luxurious private villas and 15 suites. It will undergo modernization work to maximize efficiency. Everty also acquired the Iconic Hotel in Imerovigli, Santorini.

Regarding the office sector, a few months ago Everty acquired a new office building in Metamorfosi, at 141 S. Papandreou Street. It is a completely renovated building with an area of ​​3800 sq. m. m, which is rented by various companies, for example, the distribution company Box Now.

At the same time, the company acquired two more office buildings in Maroussi, owned by Hellenic Properties. The largest of them is the ART1 building with an area of ​​2000 square meters. m, located on Artemidas street 1. It was acquired in September last year after a complete renovation and leased to GPN International Ltd Hellas. Another object is a building with an area of ​​1,200 sq. m. m, located at 10 Apostolou Pavlos Street, is leased by Kariera, a subsidiary of the staffing group Career Builder.

Luxury Life, a subsidiary of Techniki Olympiani Group, also aims to become an important pole in the real estate market, especially in the hospitality and tourism sector, through residential and hotel properties, into which another famous oligarchic clan to which belongs Pavlos Vardinoyannis and his family members is expected , will enter as a strategic investor and 50% shareholder. The parties have signed a non-binding memorandum of understanding (MoU) and the final agreement is expected to be signed by the end of the year.

Luxury Life has begun the phased acquisition of a portfolio of 186 properties by Intrum, winning a tender for €19.8 million. The portfolio includes real estate properties of various categories located in different regions of the country. It is expected that cooperation with the Vardinoyannis family will accelerate the planning of appropriate activities for the exploitation of this portfolio, for example through sales, modernization and operation. At the same time, it will provide the financial “impulse” for the acquisition of additional property portfolios, either through relevant receivables management company tenders or through auctions. It is these two sectors that Luxury Life is focusing on as it believes there are significant investment opportunities to be found there.

Let us recall that at the beginning of 2022 the company completed a transaction to acquire Novamore Limited for 12.5 million euros. Novamore holds non-performing loans with real estate guarantees totaling €33 million. Some of them are in luxury residential complexes in areas such as Voula and Paleo Psychiko. In this regard, the company has already acquired a horizontal facility with an area of ​​520 sq. m. m in Psychiko for 1.5 million euros.

Numbers

• 200 million euros is the target value of the Intracom Properties portfolio at the first stage.
• The company currently controls 15 real estate properties with an area of ​​60,000 square meters. m and cost 113 million euros.
• An agreement has already been reached on the acquisition of 186 real estate properties by Luxury Life. This is a joint “vehicle” conceived by the Techniki Olympic group and the family of Pavlos Vardinoyannis.
• 100 million investments in sectors such as logistics, building construction and office buildings, and tourism (hotels and holiday homes) are the goals of the investment company Everty Greece, owned by the American YNV Group.

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