A Piece of Greece

Greece -2

A Piece of Greece

The National Bank of Greece is in the process of selling a 600 million euro stake in its real estate holdings to a Dutch investment bank.  This is described as the largest single transaction in greek real estate history, ancient and modern, of course.  Here, there are two items of interest.  One, from an operational perspective, few European nations look at real estate management the way we do in America.  That is, the properties are often left blighted and or not cared for.  Unfortunate, especially as the surroundings and native landscape are second to none.  Next, from an investment perspective, you can only imagine the discounts this investment group must be receiving on these presumably distressed assets.  As a Greek-American myself, it is difficult to watch foreign entities such as the Dutch or the Germans come in and take over with such force, but it’s part of the Euro-zone and comes with the whole “one Europe” mentality.