TIRANA (Albania), December 20 (SeeNews) – The European Bank for Reconstruction and Development said on Thursday it is considering an equity investment of up to 28.6 million euro ($32.6 million) in Project Keystone, a portfolio of premium real estate assets in central and eastern Europe (CEE).
The EBRD signed a partnership agreement with Revetas, a specialist real estate investment advisor focusing on CEE region, for the acquisition and development of a portfolio of prime business properties in the region, the bank said in a press release.
The Project Keystone is a portfolio of premium real estate assets representing a total gross leasable area of over 173,000 sqm, the bank noted, adding that the total asset value, including gross development value, exceeds 450 million euro.
According to the EBRD, the portfolio, which was acquired by Revetas earlier this year, comprises seven fully leased Class-A office buildings in Krakow (Poland), three Class-A permitted office development projects in Poland and Hungary, as well as two development land plots in the Slovak Republic and Croatia.
“The EBRD investment will be allocated towards the acquisition and development of portfolio assets in Hungary, the Slovak Republic and Croatia. One of the projects, the Class A office development Millennium Gardens in Budapest, is already under construction,” the statement added.
“We are pleased to join forces with Revetas and once again make a significant contribution to the development of the real estate market in central and eastern Europe,” the EBRD Director, Property and Tourism, Vlaho Kojakovic said. “Today the challenges are often similar to those we see in mature economies, where green and sustainable development has to be the priority number one.”
Revetas is a real estate investment advisor executing a specialised strategy targeting distressed, undervalued, value- add and opportunistic assets in CEE region. The firm was founded in 2012 and is led by Managing Partner Eric Assimakopoulos together with his senior management team, who have been operating in the region for over 16 years. The business operates from London, Vienna and Luxembourg.
To date, the EBRD has made cumulative investments in excess of 3.0 billion euro in the property and tourism sector. The bank’s activities in the sector promote sustainable and inclusive investments.
($=0.87741 euro)