US-backed REIC enters local market
Greece’s first real estate investment company (REIC) set up entirely by foreign funds has received an operating license from the country’s Capital Market Commission. Called Orilina Properties, the firm is a vehicle of US investment group Brevan Howard for penetrating the local market.
Sources say Orilina has secured liquidity of 200-250 million euros, some of which it has already started investing in the domestic market. It is also placing an emphasis on income-generating commercial property, mainly modern-standard office buildings, stores and shopping centers.
Investor Tryfon Natsis is playing an active role in the process; he is among the founders of Brevan Howard and according to market professionals has already made some property acquisitions of his own. These assets are now expected to be transferred to Orilina.
What is not clear yet is whether the new company will decide to be listed on the Greek stock market as all REICs have to do within 24 months of their foundation, or utilize a vehicle for that purpose. Property market sources say another listed company (e.g. Pasal Development) could be chosen for that purpose.