EBRD – Greek Real Estate Developer ‘Dimand’ Join Forces to Invest

The former Papastratos industrial site at the port of Piraeus will be revamped.

The European Bank for Reconstruction and Development (EBRD) and Athens-based real estate developer Dimand have joined forces towards the creation of sustainable property models including offices, mixed-use developments, city hotels and student accommodation facilities.

The EBRD holds 35 percent of the joint venture and Dimand subsidiary Arcela Investments Ltd is participating in the entity with a 65 percent share.

First on the agenda of brownfield redevelopment, refurbishment and urban regeneration projects is the transformation of the former Papastratos industrial site at the port of Piraeus.

EBRD’s Headquarters building in London.

“We are very pleased to enter into a partnership with Dimand which will be characterized by a strong focus on sustainability and resource efficiency. This is our first equity investment in Greece outside the financial sector and I expect more to follow in real estate next year,” said Sabina Dziurman, EBRD director, regional head of Greece and Cyprus.

Contributing to Greece’s economic recovery since 2015, the EBRD has invested over 1.45 billion euros in some 30 projects with focus on property and tourism.

“We see attractive opportunities in certain asset classes in the Greek real estate market and have formed a strong pipeline of projects which we are happy to deliver together with a strong international player. Sustainability and energy efficiency are at the core of our business strategy and are the cornerstones of our partnership with the EBRD,” said Dimand CEO and majority shareholder Dimitris Andriopoulos.