Athens 3 July 2023
The investment in a significant commercial building with the target of upgrading its energy efficiency and enhancing it overall prior to re-introducing it to the market has been completed. Sirec Energy’s investment is executed through EuSIF, the first Greek fund with an AUM of €70mm, that invests in energy and sustainability projects.
Blend Development, a company set up by Dimitris and Paris Kallitsantsis, who have been involved in construction and real estate for more than 40 years, is the owner and developer of this project in which EuSIF is the largest investor. The nine-story building, with an area of c. 5,000sq.m. that was originally built in 1959 and is located very centrally in Athens, at the corner of Stadiou str. and Em. Benaki str. will be converted to a 4* Hotel aiming to achieve LEED Certificate.
This investment, with a gross development value of €25m, falls under the circular economy and energy efficiency mandate and aims to cover one of the most important targets of the National Energy and Climate Plan (NECP) relating to the energy upgrade of the existing buildings’ stock, themselves responsible for 40% of the national energy consumption.
Mr. Evangelos Bardis, Investment Director & Partner of Sirec Energy commented: «We are extremely happy to have completed this investment. The energy upgrade of existing buildings is very important in order to achieve the climate targets set by the country. Such commercial buildings, that are not included in the subsidized programs of the Ministry, require substantial funds for their upgrade and Sirec Energy plans to actively invest in the sector. »
Mr. Paris Kallitsantsis, Managing Director of Blend Development commented: «We are very pleased to have completed this complex transaction that will allow us to sustainably repurpose the building further contributing to the regeneration of Athens city center. This is Blend’s third and largest project so far».