Greece's Alpha Bank wants to set up real estate joint venture

Alpha Real Estate Services SA

30/07/2021 17:44

ATHENS, July 30 (Reuters) - Greece's Alpha Bank  ACBr.AT 
will look for a strategic partner to set up a joint venture in
the Greek real estate market, it said on Friday.
    The partner will acquire a controlling stake in Alpha's
listed real estate unit Alpha Astika Akinita, while Alpha Bank
will retain a minority stake in the joint venture, it said.
    Alpha Bank aims to make Alpha Astika Akinita a multi-asset
real estate investment platform, with the company's real estate
servicing unit expected to be consolidated under Alpha Bank's
fully owned subsidiary Alpha Real Estate Management and
Investments.
    Alpha said it expects the process to be launched in
September and the selection of the partner to take place by the
end of the year.
    The plan is subject to prevailing market conditions and the
macroeconomic environment outside Greece, the bank added.

 (Reporting by Angeliki Koutantou; Editing by Toby Chopra)
 ((angeliki.koutantou@thomsonreuters.com; +30 2102214608;
Reuters Messaging: angeliki.koutantou.reuters.com@reuters.net))