Real estate investment firms get into office building development

Real estate investment companies (REICs) are planning to develop new buildings and renovate existing ones this year as they seek more efficient ways of enhancing their property portfolios.

Senior officials in the sector say that, in doing so, the companies will have full control of the investment product they wish to create, and will be able to determine the standards and specific features they want down to the last detail so that they they can obtain the greatest capital gains possible. This becomes all the more important given that in recent years the Greek market has been deprived of new property developments due to the abstention of development companies from new investments.

In this context 2019 will bring the first such development by NBG Pangaea, the biggest REIC in Greece. The company will construct a bioclimatic office building in the Paradisos neighborhood...