60 mln euro cash injection for Grivalia Properties

Greece real estate investments

Grivalia Properties, the real estate arm of Greece's Eurobank, said Tuesday that it has issued two corporate bonds, raising 60 million euros.

Grivalia Properties, majority owned by Toronto based Fairfax Financial Holdings, has been rapidly expanding its portfolio in Greece and abroad. Earlier this year it bought into two new commercial property assets in Athens for a total of 18.5 million euros after acquiring a Panama island for development.

The money raised from the bond issues will be used to refinance previous acquisitions and pay for new deals, the company said. Eurobank and its subsidiary Eurobank Private Bank Luxembourg covered the amounts from the two bonds in total.