Eurobank's Romanian EUR 65 mln real estate portfolio is up for sale

Greek investment fund Grivalia, which merged with Eurobank, helping it settle the non-performing loan portfolio, has decided to sell its real estate portfolio inherited from the banking group in Bucharest and Iasi, valued at over EUR 65 mln, according to Profit.ro.

The Eurobank group bought the buildings in 2004-2008 from their developer, a group of investors coordinated by businessman Ioannis Papalekas.

The portfolio comprises half of the BOB office building next to the Pipera metro, completed in 2008. The property is valued at EUR 46.3 mln.

Another office building in the Grivalia portfolio is Eliade Tower in Floreasca, completed in 2004 and valued at EUR 11.1 mln at the end of 2018.

Grivalia also owns the premises that host Brico Dépôt DIY store in Iași, near Iulius Mall. The property is valued at EUR 8.5 mln.

Grivalia Properties merged by absorption with Eurobank in 2019, in a transaction valued at EUR 780 million, which contributed to halving the rate of non-performing loans in Eurobank's balance sheet.

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