23 May More than 200 mill. euros in investments in prestigious estates in Greece
The co-founders of the Greco Fund, Achilles Risvas and Stavros Adamopoulos, exploit the historically low – as they state – prices of properties in Greece. These prices attract the “smart money” from abroad, such as investment funds and well-established private investors. The short-term aim is the income deriving from the rental of prestigious estates. However, when the prices of the estates go up, they will increase the return on the investment, considering that the properties will offer medium-term value at their reselling.
The Greek Real Estate Company (Greco) Fund is a newly established investment form created from the joint-venture of the investment companies “Dromeus Capital” and “Crossborder Capital”, both founded by the above mentioned former bankers. Greco Fund has already raised funds that exceed the value of 200 million euros, from both Greek and foreign investors, while still receiving extra funds. The future goal is entering the Athens Stock Exchange.
The newly established fund made its debut overbidding at an auction held by Ethiki (Εθνική) Bank Leasing for two buildings at the total price of 25,95 mill. euros. The fund is already planning to invest in other emblematic constructions in Athens designed for companies’ premises, located particularly on Vassilissis Sofias Avenue and Kifissias Avenue, as well as to create a portfolio that will include hotels and tourism development projects.
You may read the relevant article of KATHIMERINI (in Greek) here.