Invel Real Estate (Invel), a real estate investment and asset manager focused on south-east Europe, has acquired a single-borrower non-performing loan portfolio, secured against logistics assets in Greece and comprising a total of €55 mln of unpaid principal balance, from a pool of Greek banks and in cooperation with the borrower.
In a separate transaction, Invel has provided a €15 mln secured corporate facility to the AIM-listed owner of a number of high-end hospitality and residential development projects in Greece and Cyprus. The facility was sourced off-market and was raised by the borrower to generate free cash flow following a challenging period created by the Covid-19 pandemic.
These transactions follow a period of sustained growth for Invel, including its entrance in the real estate high-yield lending market in 2020 and its continued growth in Italy, where its AUM now stands at approximately €700 mln.
Since 2013, Invel has become the largest ever investor in the Greek real estate market, having acquired a 98% equity stake in Prodea Investments, formerly known as NBG Pangaea REIC for €1 bn. Under Invel’s steering, Prodea Investments has since increased in size and it is now the largest listed REIT in Greece with a GAV of €2.4 bn.
Alexis Pipilis, Invel’s head of acquisitions in the Hellenic region, said: ‘These recent deals not only demonstrate the strength of our network, relationships and platform in Greece and southern Europe, but our capabilities to undertake complex opportunities and provide creative, flexible and efficient solutions. In particular, we have a unique track record in co-operative NPLs, something that is particularly key in the successful realisation of such transactions in our core markets where the legal frameworks differ from the more established markets of northern Europe, as well as the credit market more broadly. We have successfully agreed a number of these transactions in several European jurisdictions in recent years and see significant opportunities for growth in the future.’
