Greece’s real estate sector has always contributed significantly to the development of the nation’s economy. It has to be noted that Greece is a country where home ownership rates are among the highest in Europe. Also, real estate was traditionally considered by most Greeks as a rather safe investment. Thus, real estate is favorably affected by tourism, which is another huge sector of the Greek economy. All of these factors led to the sector’s remarkable growth, which peaked in 2007.

Norton Rose Fulbright has advised PPC Renewables S.A. and its Iliaka Parka Dytikis Makedonias 1 S.A. subsidiary on financing for a EUR 8.7 million project for the construction of a 15MW photovoltaic park in Ptolemaida, Greece, from National Bank of Greece and Eurobank. The European Investment Bank has also been provided with the right to participate in the financings.

The Koutalidis Law Firm has advised Alpha Bank on its demerger by way of a hive-down of its banking sector to a new banking entity.

Lilian Kontou has joined the TAE – SOL Group in Athens as Legal Director.

DLA Piper, working with Potamitis Vekris in Greece, Bojanovic & Partners in Serbia, and Tashko Pustina in Albania, has advised Team.Blue on its acquisition of the Enartia Group from founders Aggela Anthoulaki, Dimitris Anthoulakis, and Frank Maounis. The Kyriakides Georgopoulos Law Firm advised the sellers.

Zepos & Yannopoulos has advised Intrum Justicia and Intrum Hellas on Project Phoenix, a securitization of a non-performing residential mortgage loan portfolio of gross book value of circa EUR 1.92 billion owned by Piraeus Bank. 

Bernitsas Law has advised CVC Capital Partners on the acquisition by Venetiko Holdings SMSA, a Greek company that is 100% owned by funds managed or advised by CVC, of an approximately 99.47% stake in Vivartia Holdings from the Marfin Investment Group and Piraeus Bank, as well as on the financial restructuring of Vivartia’s group bank debt.

Bernitsas Law has advised Citigroup Global Market Limited on the placement of 3.86% of Jumbo SA’s shares in in an accelerated book-building process. Koutalidis advised the unspecified seller on the deal.

Souriadakis Tsibris has assisted Mytilineos S.A. with its successful application for permission to use Flash Notes to publish its preliminary financial results, making it the first Greek issuer to do so.

Zepos & Yannopoulos and Clifford Chance have advised the Piraeus Bank on its entrance into an agreement with Christofferson, Robb & Company for the synthetic securitization of the bank’s EUR 1.4 billion performing SME and corporate loans portfolio. Souriadakis Tsibris and Simmons & Simmons advised CRC.

For our Checking In feature, we reach out to partners and heads of practice across CEE to learn how specific practice areas are faring in their jurisdictions. This time around we asked Data Protection experts: Overall, how compliant would you say economic agents are with relevant local regulations on data protection, and what are the main gaps that have yet to be addressed?

Zepos & Yannopoulos has advised PPC S.A., the largest generator and supplier of electricity in Greece, on its inaugural international offering of EUR 650 million 3.875% sustainability-linked senior notes due 2026.

Kyriakides Georgopoulos has advised the US private equity firm Drew International on its acquisition of Flow Water Technologies' drinking water and disinfection business in Cyprus.

Koutalidis has advised Alpha Bank S.A. on its second consecutive EUR 500 million Tier 2 bond issuance.

Dracopoulos and Vassalakis has advised Quant on its entrance into a long-term servicing agreement with the Pancreta Bank for a EUR 670 million non-performing corporate and SME loan portfolio.

The KLC Law Firm has advised National Energy on its acquisition of a 70 megawatt portfolio of wind and solar parks in Greece from the IBG Hellenic Fund III and minority shareholders. The Piraeus Bank provided financing for the acquisition. Seissoglou & Nicolaidis advised the sellers and the Lambadarios Law Firm advised the bank.

Dracopoulos and Vassalakis, working with Your Legal Partners, has advised Greece’s Piraeus Bank on its sale of 30% of the mezzanine notes of its securitized Vega non-performing loans to Intrum AB.

Zepos & Yannopoulos has advised Bain Capital Credit on its acquisition of a non-performing corporate loan portfolio from the National Bank of Greece.