Piraeus Bank Group have entered into a contract with Resolute Asset Management Bulgaria to manage Piraeus legacy real estate owned (REO) portfolio in Bulgaria. Resolute will undertake property/asset management and monetisation of the portfolio to maximise proceeds for the Bank. The portfolio consists approximately 2000 largely granular properties of all types, spread throughout Bulgaria. Included in Resolute’s mandate is the asset and property management of Varna Towers – an office tower and retail center in Bulgaria’s largest city on the Black Sea coast.
As part of the transaction Resolute has hired the Piraeus Bank Bulgaria staff who were part of the real estate team managing the portfolio.
Resolute manages and monetises REO (real estate owned)/granular real estate portfolios for banks and private equity investors in Bulgaria, Romania, Greece, Cyprus, Portugal and the UK.
“The decision to hire Resolute,” says George Kormas – Executive eneral Manager, Head of Group Real Estate of Pireaus Bank Group and CEO of Piraeus Real Estate S.A., “was based on their excelled track record throughout the region and, specificall, their local knowledge and institutional level of professionalism in Bulgaria”
Bill Hancock, founding partner of Resolute Asset Management, commented, “The Piraeus portfolio in Bulgaria presents a unique set of commercial and operational challenges, but I am confident we will deliver the results our client requires.”
Resolute Asset Management, www.resoluteassetmanagement.com, is a specialist real estate asset management company, active in 10 countries across the EMEA, with a focus on distressed and impaired real estate requiring intensive asset management.
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