Banks to sell assets taken from indebted property developers

Offices, stores, industrial plants and even plots of land worth millions of euros form part of the property portfolios banks have obtained through streamlining agreements with overindebted corporations in the real estate sector as well as many others. The banks now intend to put them on the market in the next few months.

For instance, the market is eagerly awaiting the announcement of the sale of a property package Pasal Development has transferred to its creditor banks in the context of the streamlining agreement the bankruptcy legislation provides for.

This may be the ultimate effort to save the company of the Theodoridis family that evolved rapidly during the previous decade and even became a strategic partner of Piraeus Bank in the share capital of Trastor Real Estate Investment Company. The total portfolio of the Pasal properties is estimated at about 100 million...