The European Band for Reconstruction and Development (EBRD) has entered a joint venture with the Greek real estate developer Dimand S.A., to invest in brownfield redevelopment and urban regeneration projects, the two companies said in a joint statement.
The aim is to create sustainable green products across various property sectors focusing on offices, mixed-use developments, city hotels and student accommodation projects, said the statement published Tuesday.
As a starting point, the joint venture will proceed with a redevelopment of the former Papastratos industrial site in Piraeus, the port of Athens. The project will serve as a springboard for further similar investments in brownfield redevelopment, refurbishment and urban regeneration.
The joint venture is formed with 35 percent going to the EBRD and 65 percent to Arcela Investments Ltd, a subsidiary of Dimand, one of the leading real estate developers in Greece.
"The building stock of Greece is in urgent need of modernisation and refurbishment following years of underinvestment due to the prolonged financial crisis. Investment in the country’s real estate market is directed at combating climate change challenges and increasing energy efficiency," the companies added.