Varde Partners

US group Varde Partners has been added to the list of suitors for the 80 percent stake in Ethniki Insurance, Greece's biggest insurer.
According to sources, Varde Partners is among the bidders short-listed for the second stage of the tender, concerning binding offers.

Greece has among the smallest densities of shopping malls in Europe, with 57 square meters per 1,000 inhabitants, just 6.7 percent that of first-place Norway (857 sq.m.) and less than fellow Balkan countries Bosnia-Herzegovina (98 sq.m.) and Serbia (88 sq.m.).

Real estate investment companies (REICs) have posted a significant increase this year both in revenues and operating profits as a result of strengthening their portfolios with new assets and the increased value of their properties.

Lamda Development said on Thursday it has bought out HSBC Property Investments' stake in Greece's biggest shopping center and plans to list its shopping mall business on the Athens stock exchange.

Greece may not find its old glory days anytime soon, but it will rise again from the swamp of the recent six-year long depression, offering great opportunities for long-term investors.

Democracy and human development will pave the way for the rise.

Commercial property experts see the recent deal between Lamda Development and Varde Partners as confirmation of estimates that shopping centers would become a target for investors from both Greece and abroad, the reson being the considerable resistance malls have shown in the face of pressure from the economic crisis.

Athens-listed Lamda Development said on Monday that global alternative investment firm Varde Partners will acquire 31.7 percent of Lamda Malls for 61.3 million euros.

Lamda Malls owns two Greek shopping malls.

Varde is keen to support expansion of Lamda Malls via acquisitions and new commercial developments.

[Reuters]