Sirec Energy partners with Hellenic Properties to redevelop a former industrial building into a green building through EuSIF, the first Greek ESG-focused fund.

It is a former industrial building in Tavros, very close to the metro station in Kallithea, with a total area of 5,200 m2, which will be upgraded into a green office building in an investment of EUR 15 million. The project is expected to be delivered for use at the end of 2026, and the goal is to be certified to the LEED standard. The building under development extends over 1,400 sq.m. per floor. It can be rented in whole or in parts and is offered for the proposed use.

Dionysis Alysandratos, CEO of Sirec Energy, commented:

“We are extremely pleased to proceed with yet another building energy upgrade, this time in collaboration with Hellenic Properties, a dynamically growth company in the real estate development industry. The energy upgrade of existing buildings is very important for achieving the climate goals set by the country. Such buildings, which have been neglected for years, require significant funds to upgrade them, and Sirec Energy aims to actively invest in the brown to green buildings sector.”

Errikos Arones, Managing Director of Hellenic Properties, commented:

“We are particularly pleased with our collaboration with Sirec Energy, a pioneer in the green investment industry. This first new project is one of at least three investments that will be made together with Sirec Energy in the next 18 months.

The collaboration is part of our overall strategy to bring to the market green office buildings accessible to 90% of Greek businesses, with an average rental price 25% lower than the highest current rental price of green buildings in Athens”.

CBRE Atria Property Services and Zepos & Yannopoulos were consultants in the purchase of the property. Reed Smith LLP for Sirec Energy and Dryllerakis & Associates for Hellenic Properties were advisors in the investment partnership transaction.

About Sirec Energy

Sirec Energy is an independent Private Equity Company with assets under management of over €70 million, investing in sustainable energy infrastructure and the circular economy to generate attractive returns while contributing to a cleaner environment.

About Hellenic Properties

Hellenic Properties is a real estate investment company targeting high capital return opportunities in Greece’s development sector. As of 2019, it has invested €80 million in 11 projects. Its current investment program includes the management of developments with over €30 million in construction, while the gross value of its projects amounts to more than €115 million.