Resolute Asset Management Group had a dynamic participation in this year’s Prodexpo conference, the leading institution in the field of property management, which brings together every year leading speakers, both Greek and foreign, in order to exchange views and ideas on the major challenges of the industry. The 24th Prodexpo conference took place on 25 and 26 October at the Athens Concert Hall and focused mainly on the prospects, but also on the risks facing the Greek real estate sector, on multiple levels.
On the first day of the conference, the panel on “Transforming the future of real estate asset management. Does size really matter? The role of synergies in a crucial market for the Greek Economy”, where Mr. Nicholas Exarchos, regional partner of Resolute Asset Management for Greece, Cyprus and the Middle East and Mr. Theodoros Athanasopoulos, CEO of Cepal participated, discussed the wider importance of partnerships and synergies in the real estate sector, on the occasion of the very important merger between Kaican and Resolute IKE and the conclusion of a joint venture agreement. The discussion was moderated by Ms Evi Fragaki, journalist from Action 24 TV station.
More specifically, the strategic partnership recently announced by Resolute Asset Management Group and Cepal Hellas, led to the creation of a new company, Resolute Cepal Greece SA (RCG), which aims to transform the real estate landscape in Greece, radically upgrading the services offered in the Greek market.
Mr. Exarchos highlighted the fact that Resolute Asset Management “offers in this strategic partnership modern cutting-edge technology, which contributes to the effective management of real estate”. Also, referring to the comparative advantages of the newly established company, he highlighted the following: “The main differentiating feature of RCG is the fact that it is the first company that, based on a sophisticated, specialized and integrated asset management business model, creates and adds value not only to the properties it manages, but to the entire market. It has pan-European experience, strong technical expertise and deep knowledge of the material conditions, offering innovative solutions sought by major investors, in line with international and high standards.”
For his part, Mr. Athanasopoulos, speaking about the value and prospects of this synergy, stressed that “Resolute is a partner, which possesses all the relevant know-how and the necessary logistical systems, is able to fill a large gap in the market”, pointing out that Cepal has found a reliable business partner, “which has all the necessary know-how , so that we can create, in combination with our own knowledge, a ‘vehicle’ to transform a fairly fragmented sector, particularly in the part of the services offered”.
At the same time, Mr. George Kormas, Vice Chairman of Resolute Group, initially took part in the executive breakfast briefing, held before the start of the conference, among distinguished executives of major companies in the sector. He then participated in a very interesting panel, on the topic: “Turning the tide: how rising interest rates affect real estate, investments and NPLs”, together with Mr. George Elekidis, Principal of BainCapital and Dr. George Moontis , Managing Partner of Delfi Partners & Company. The discussion was moderated by Mr. George Tryfinopoulos, Head of Strategy of the Hellenic Financial Stability Fund.
In his statement, Mr. Kormas emphasized the growth trajectory that the Greek economy has entered, the stability that has been restored in the investment landscape, as well as the importance of recovering the investment grade. Also, speaking on the issue of lending in the real estate market, he argued that “the institutional framework for new loans is much tougher. Banks are there, with available funds to give new loans, but only in cases where they are viable and meet ESG criteria. The loans, that is, are given sparingly, to specific sustainable investments.” He concluded by stressing the need for “all market participants to understand their position in the market”, without disturbing its balance, and for the broadly positive and stable course of the Greek economy to continue in the long term.