January 28 (SeeNews) - Resolute Asset Management Bulgaria said on Tuesday it has signed an agreement with Greece's Piraeus Bank Group for the management of the lender's legacy real estate portfolio in Bulgaria, which has a book value of some 130 million euro ($143.1 million).
Resolute Asset Management will undertake property management and monetisation of the portfolio, which consists of largely granular properties of all types, spread throughout Bulgaria, Resolute Asset Management said in a statement.
"The Piraeus portfolio in Bulgaria presents a unique set of commercial and operational challenges, but I am confident we will deliver the results our client requires," Bill Hancock, founding partner of Resolute Asset Management, said.
As part of the transaction Resolute Asset Management has hired the Piraeus Bank Bulgaria staff who were part of the real estate team managing the portfolio.
Last year, the Piraeus Bank Group sold its unit Piraeus Bank Bulgaria to Eurobank Bulgaria but kept part of the company's real estate assets. Eurobank Bulgaria subsequently absorbed Piraeus Bank Bulgaria.
($ = 0.9087 euro)