According to the Bank's official press release, Piraeus Real Estate Management ("PREM") was acquired by Resolute Hellas Sole S.A. ("Resolute Hellas").
The agreement refers to property management and valuation services, in addirion to assets' management and owner-occupied and non-main properties of Piraeus in Greece.
According to the bank's official announcement, Resolute is expected to bring in enhanced property management services based on its thorough expertise in the sector. 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.
The transaction is considered to be in line with Piraeus general strategy to reduce costs and exploit its assets and is estimated to result reducing its operating costs c.€5 million annually.
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.
