Greek banks are undertaking a large scale return to the real estate market through investment programs exceeding 1.5 billion euros as they seek stable revenues portfolio growth and reduced operating costs.
The National Bank of Greece set the tone in 2023 by acquiring the historic Athens Stock Exchange building on Sofokleous 10 from the Papalekas group for about 67 million euros.
NBG is now preparing to repurchase a portfolio valued at 510.5 million euros from Prodea Investments comprising properties currently housing branches and offices with the transaction expected to conclude in the first half of 2026.
Additional purchases between 2023 and 2024 saw NBG acquire 43 Prodea owned assets for 237.2 million euros including its Gerakas IT center valued at 83.2 million euros.
Eurobank has launched a 400 million euro investment program aimed at increasing the value of its real estate assets from 1.32 billion euros to between 1.8 and 2 billion euros.
The bank plans to allocate 300 million euros toward new income producing properties and 100 million euros for upgrades of existing buildings.
Rental income has already surpassed 90 million euros annually and Eurobank aims to lift this figure to 100 million euros through targeted office acquisitions primarily in northern and potentially southern suburbs.
One of its recent landmark purchases includes the Athenian Melathron building for more than 50 million euros which is scheduled for full reconstruction and energy upgrades.
Eurobanks acquisition of CNP Cyprus added properties worth 55 million euros while the planned sale of Praktiker Hellas will transfer stores valued at approximately 140 million euros.
Piraeus Bank continues its real estate strategy through Trastor REIC which manages assets above 715 million euros contributing to a total portfolio exceeding 1.3 billion euros.
Piraeus is transferring 242 residential units via Vesta to Premier Capital in a 32 million euro agreement where Premier holds 80 percent and Piraeus retains 20 percent.
A strategic partnership with Dimand Real Estate is advancing development of 3 major properties totaling 130000 square meters supported by a 500 million euro investment that includes the historic National Insurance building at Korai 4 and Stadiou intended to host the banks new headquarters.
Alpha Bank is moving forward with new investments of 500 million euros designed to lift the value of its real estate portfolio above 1 billion euros.
The bank holds 35 percent of Project Skyline and owns 9.87 percent of Prodea Investments a stake valued at around 150 million euros.
Recent acquisitions include 2 buildings on Vasilissis Amalias Avenue leased by the Ministry of Tourism with a combined value close to 47 million euros.
Alpha strengthened its retail portfolio at the end of 2024 by purchasing 2 commercial units on Ermou Street leased by Adidas at No 47 and Zara at No 44 while also signing a binding agreement to acquire Vodafones office building in Neo Psychiko.
The bank expanded further with the purchase of the Academy Gardens retail complex on Kifisou Avenue formerly owned by Hines along with a Lidl store on Thivon Avenue.
Project Skyline continues to evolve after the transfer of 460 properties valued at 300 million euros from an original pool of 573 assets worth 438 million euros with some sold at a 25 percent premium prior to completion.
Alpha elected to retain the Stadiou and Korai building to host its new headquarters consolidating its strategic presence in central Athens.
A flagship asset in the portfolio remains the former Emporiki Bank headquarters at Aiolou and Sofokleous measuring 23000 square meters and slated for conversion into a hotel with branded residences.
