August 2 (SeeNews) - Greece's Alpha Bank [ATHEX:ALPHA] is seeking a strategic partner to establish a joint venture in the Greek real estate market, it said.
The intended transaction will be carried out through the bank’s listed real estate arm Alpha Astika Akinita SA, in which the potential partner will take a controlling interest, the lender said in a press release said Friday.
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The move is aimed at turning Alpha Astika Akinita into a multi-asset real estate investment platform in the Greek market and comes in the context of Alpha Bank’s updated business plan Project Tomorrow.
As part of the transaction, the company’s real estate servicing unit is expected to be acquired by and consolidated under Alpha Bank’s wholly-owned subsidiary, Alpha Real Estate Management and Investments SA (AREMI). Alpha Astika Akinita will subsequently enter into a long-term agreement with AREMI for the management of the company’s real estate portfolio.
The process of establishing the joint venture company is scheduled to be launched in early September and complete in the first half of 2022. The selection of the preferred partner is set to take place by the end of 2021.
Alpha Astika Akinita was set up in 1942. It has been listed on the Athens Stock Exchange since 1999. The company's market capitalisation stands at about 99.4 million euro ($118 million).
($=0.8415 euro)