Early Warning System

Countries

Greece

Geographic location where the impacts of the investment may be experienced.

Financial Institutions

European Bank for Reconstruction and Development (EBRD)

International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.

Project Status

Approved

Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.

Bank Risk Rating

Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."

Voting Date

Dec 3, 2024

Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.

Borrower

P&E Investments Axiopoiisis & Anaptyxis Akiniton SA

A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.

Sectors

Industry and Trade

The service or industry focus of the investment. A project can have several sectors.

Investment Type(s)

Loan

The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.

Investment Amount (USD)

$ 22.81 million

Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 21.7
Converted using 2024-12-03 exchange rate.

Project Cost (USD)

$ 171.73 million

Primary Source

Original disclosure @ EBRD website

Updated in EWS Feb 25, 2025

Disclosed by Bank Dec 23, 2024

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the project consists of the provision of up to EUR 21.7 million in P&E Investments Axiopoiisis & Anaptyxis Akiniton SA (the "Consortium"), alongside the Bank's existing client Dimand SA ("Dimand") and Premia Properties REIC ("Premia"). The Consortium will acquire a 65% stake in Skyline Real Estate Single Member SA (the "Company" or "Skyline") with the seller, Alpha Bank, maintaining the remaining 35%. Skyline will own a portfolio of ca. 460 real estate assets across different uses, location, size and condition (the "Project").

Skyline is a portfolio of diverse types of assets which requires segmented strategic approach to deliver value creation. The Consortium, having experience in investing, repositioning and managing similar assets, joined forces in a strategic partnership with Alpha Bank to optimise the portfolio through redevelopment, repositioning, leasing/releasing and/or disposing assets with the objective of creating an institutional portfolio comprising high quality, prime-location assets, of good commercial characteristics, prime tenants, efficient operation and sustainable returns.

Early Warning System Project Analysis

For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

Categorised B (2019 ESP). Environmental & Social Due Diligence ("ESDD") for Skyline has been carried out by the review of Dimand's annual Environmental & Social ("ES") report for existing project which was judged as satisfactory; the completed E&S Corporate Questionnaire; and follow up questions. ESDD showed that Dimand's ES policy and procedures as well as their ES risk management capacities are sufficient to implement the project in compliance with the Banks's PRs.

Dimand's construction contractors, who are legally bound to comply with national ES and H&S requirements, are also obliged to incorporate requirement to comply with the same requirements in their sub-contacts.

Investment Description

Here you can find a list of individual development financial institutions that finance the project.

European Bank for Reconstruction and Development (EBRD)

EBRD Finance Summary: Up to EUR 21,700,000

Total Project Cost: EUR 163,400,000

Private Actors Description

A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

P&E Investments Axiopoiisis & Anaptyxis Akiniton S.A. - The Consortium is a newly established entity for the purpose of acquiring a 65% stake in Skyline. The Consortium will be owned by Dimand SA (55% indirectly through an investee company), Premia (25%) and EBRD (20%).

Dimand S.A. - Is one of the leading real estate development companies in Greece, listed on the Athens Stock Exchange (ATHEX).

Premia Properties REIC - Is a real estate investment and management company (REIC) in Greece and its shares are traded on the Athens Stock Exchange (ATHEX).

Alpha Bank (the seller), will maintain the remaining 35% of the Skyline Real Estate Single Member SA.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
-	-	-	-	Alpha Bank	Undisclosed	-
-	-	-	-	Dimand S.A.	Investor	-
-	-	-	-	P&E Investments Axiopoiisis & Anaptyxis Akiniton S.A.	Client	-
-	-	-	-	Premia Properties REIC	Investor	-

Contact Information

This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

COMPANY CONTACT INFORMATION

Nikos Dimtsas, Deputy CEO
ndim@dimand.gr
+30 210 8774 200
www.dimand.gr
115 Neratziotissis Str., 15124, Maroussi, Athens, Greece

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html