A consortium comprising of a property development company at the European Bank for Reconstruction and Development (EBRD)is planning a program with investment of up to €300m over the next few years. The company, Dimand, and the ERBD are aiming to create various projects into the property market with emphasis on offices, hotels and student accommodation.
The announcement marks the first time the EBRD has invested in the country’s property sector. Sources indicate that Dimand will provide some €60m. However, its chief executive Dimitris Andriopoulos also stated that there is a possibility that the figure could be doubled. One of the projects announced is the renovation of the Papastratos tobacco company’s former properties in Piraeus.
The announcement is yet another welcome boost for the sector which has seen a lot of foreign capital in recent years and the EBRD’s involvement is seen as yet another encouraging sign.