Dimand, Premia and the European Bank for Reconstruction and Development (EBRD) will receive 65% of Project Skyline, with Alpha Bank retaining the remaining 35%.

The completion of the transaction marks the completion of the largest open market real estate portfolio transaction in Greece in recent years.

The perimeter of the Skyline transaction consists of a portfolio of properties of various uses, including office, commercial, residential and industrial or logistics properties. The initial perimeter with an acquisition value of approximately EUR 400 million, following exclusions of certain properties and sales to third parties, has been reduced to approximately EUR 300 million (460 properties). The portfolio will either be refurbished and reallocated for rental use or sold directly to the market.

The perimeter includes approximately EUR 200 million of recovered assets, resulting in Alpha Bank maintaining, after the Skyline transaction, one of the lowest recovered asset inventories in the Greek banking system.

As part of the transaction, Alpha Real Estate Services, the listed property management company, entered into an initial seven-year Property Management Services Agreement with Skyline. ARES, building on its long and successful track record of performance, will provide property and facilities management services, brokerage, technical services and project management services.