Piraeus bank and Resolute reached an agreement for the firm to provide real estate services in Greece.
According to a relevant announcement, in this context, Piraeus Real Estate Management Sole Proprietorship (“PREM”) was acquired by Resolute Hellas Sole Proprietorship S.A. (“Resolute Hellas”).
The agreement concerns the provision of property management and valuation services, as well as the management of assets and owner-occupied and non-main properties of Piraeus in Greece.
The transaction
As stated in the announcement, Piraeus Bank will receive modern property management services and access to Resolute’s extensive experience and expertise. Resolute Hellas will leverage the specialized know-how of the parent company, as well as its subsidiaries specializing in the real estate management sectors, including the market-leading technology provided by its subsidiary, Recognite, and the advanced real estate services of REInvest Greece.
For the Bank, this transaction is part of its strategy for further cost savings and targeted utilization of assets, resulting in cost savings of over €5 million per year.
Resolute Hellas is a 100% subsidiary of the Resolute Group. Resolute intends to fully integrate PREM’s activities and employees into its Greek operations, with the aim of further consolidating its leading position in the Greek real estate, asset management and advisory services market. The transaction continues Resolute’s existing long-term relationship with the Piraeus Bank Group, including the management of the Group’s non-core real estate portfolio in Bulgaria.
UBS Europe SE acted as Piraeus Bank’s financial advisor and Zeya Law Firm as legal advisor. KPMG acted as financial advisor to Resolute and KG Law Firm acted as legal advisor.
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