US-backed REIC en­ters lo­cal mar­ket

Kathimerini English - - Focus - NIKOS ROUSSANOGLOU

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.

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