Oil

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

Credit: REUTERS/MICHALIS KARAGIANNIS

Greece's Alpha Bank will look for a strategic partner to set up a joint venture in the Greek real estate market, it said on Friday.

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))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

ASTR

Other Topics

World Markets

Latest Commodities Videos

    Reuters

    Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

    Learn More