Funds put properties up for sale

Funds put properties up for sale

Funds are evolving into the biggest property owners in Greece and are gradually trying to sell the assets that come under their ownership through the acquisition of large bad-loan packages.

After multiple purchases of loan portfolios – as well as the securitization of loans banks are expected to complete in the coming months – a total of 60 billion euros of loans will come under the management of funds, including control of over 500,000 mortgaged properties.

A considerable share of those bad loans will not be serviced, resulting in the properties they are secured against being definitively passed into the ownership of the funds that will then have to sell them.

This trend is reflected in the move by doValue Greece – the credit management company 80% owned by Italian group doValue and 20% by Eurobank – which is entering the market of property management and sales. The activation of doValue in the local realty market is being conducted through doValue Greece Real Estate Services, a subsidiary of Italy’s doValue, which for this purpose is launching the Altamira Properties platform.

Its mission is the sale of properties coming under the ownership of investors such as Pimco and doValue, which have acquired loans of €2 billion (the Pillar portfolio) and €7.5 billion (the Cairo package) respectively, that are secured against properties: These are 110,000 realty assets with a combined value of some €10 billion, of which 54% are residential, 20% plots of land, 8% commercial properties, and 2% industrial assets, among others.

The innovation that doValue is introducing concerns the management of those assets, which will be cleared of any bureaucratic problems before being renovated for sale, through the platform.

As the company said in a statement on Monday, this is an innovative product in property management in Greece, based on the platform by Spanish company Altamira, a pioneer in the European property management market and a member of the doValue group since last year. The platform will be like a search engine for anyone wishing to find property bargains in Greece.

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