Italy's Cerved marks latest change to evolving Greek property market

Italy's Cerved marks latest change to evolving Greek property market

Greece's property landscape is set for yet another change with the entry of Italian risk management company Cerved.

On Thursday, Cerved announced that it has agreed to buy Eurobank Property Services (EPS) from Eurobank for eight million euros.

The decision marks a new entrant to Greece's real estate sector that is showing signs of recovery after a nine year slump. Property in the country, along with the massive non performing loans (NPLs) market, has been drawing interest from investors as Greek banks are under growing pressure from regulators to offload bad loans.

Tens of companies from the US, Italy, Spain and the UK have recently set up operations in Greece in a bid to get a slice of the 90 billion euro NPL pie.

The latest deal also involves Cerved buying EPS' operations in Romania and Serbia. EPS will continue on as the main property consultant of Eurobank for the next five years, the company said in a statement.

An additional five million euros will be paid by Cerved to Eurobank on the condition that specific goals are met by EPS by 2023.

Eurobank, Greece's third largest lender, has been more aggressive than its peers in implementing changes aimed at helping reduce its NPLs and increasing its capital levels.

Last year, Eurobank purchased a majority stake in real estate company Grivalia in a deal valued at 780 million euros that involves the merger of the two companies.

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