Category: Greece

Zepos & Yannopoulos has advised mandated lead arrangers and coordinators Piraeus Bank and Eurobank on the financing for the 35-year concession agreement regarding the financing, operation, maintenance, and exploitation rights of the Egnatia Odos Motorway and its three vertical road axes.

The concession agreement was signed between the Hellenic State and the Hellenic Republic Asset Development Fund, on one side, and the concessionaire Nea Egnatia Odos Concession Societe Anonyme and its shareholders GEK Terna and Egis Projects, on the other.

According to Zepos & Yannopoulos, “the concession of the Egnatia Motorway, which includes the main motorway (700 kilometers) and three vertical axes (225 kilometers) will reach its completion and financial closing later this year […] It marks a new chapter in the history of the motorway, with significant benefits for the users, Northern Greece, and the national economy as a whole, as for the first time heavy maintenance will be carried out on the motorway and the three vertical axes connecting Greece with Albania, North Macedonia, and Bulgaria.”

The Zepos & Yannopoulos team included Partners Paris Tzoumas, Danai Falconaki, Manolis Zacharakis, and Sofia Chatzigiannidou, Senior Associates Smaragda Spyrou and Nikos Koukos, and Associates Magda Tsatsi, Penelope Klara, Katerina Vogiatzi, Alexandros Lamprou, and Katerina Chalka.

Zepos & Yannopoulos did not respond to our inquiry on the matter.

Papapolitis & Papapolitis has advised Intralot on its issuance of a bond loan up to EUR 100 million in total value, maturing on June 30, 2025, with arrangers Piraeus Bank and the National Bank of Greece and initial bondholders Piraeus Bank, the NBG, Optima Bank, Attica Bank, and Pancreta Bank. Lambadarios reportedly advised the banks.

According to Papapolitis & Papapolitis, the proceeds of the bond loan will be used to fully redeem the outstanding capital of the senior notes due September 2024, issued by the company’s Intralot Capital Luxembourg subsidiary.

Intralot is a Greek company that supplies integrated gambling, transaction processing systems, game content, sports betting management, and interactive gambling services to other gambling providers as well as operating its own games.

A month prior, Papapolitis & Papapolitis also advised Intralot on its EUR 130 million debut public bond issuance listed on the Athens Stock Exchange (as reported by CEE Legal Matters on March 8, 2024).

Editor’s Note: After this article was published, the Lambadarios Law Firm confirmed it had advised the lenders on the loan. The firm’s team included Managing Partner Constantinos Lambadarios, Partners Prokopis Dimitriadis, Konstantina Siozou, and Yannis Kourniotis, Senior Associate Katerina Gini, and Associates Christina Kyrgialani and Angeliki Kaperoni.

Former Counsels Christina Chini, Vasilis Douzenis, and Niki Orfanidou have been promoted to Partner positions with Kyriakides Georgopoulos.

Chini, a banking & finance and project finance expert, has been with the firm since 2008. Earlier, she spent almost three years with Alapis and, before that, two years with Potamitis Iliadou Vekris Paparrigopoulos.

Douzenis, who specializes in banking & finance and capital markets, has been with Kyriakides Georgopoulos since 2020. Earlier, he spent four years with Tsibanoulis & Partners and, earlier still, almost ten years with Karatzas & Partners.

Orfanidou, who focuses on litigation and arbitration, has been with the firm since 2014. Before joining Kyriakides Georgopoulos, she spent 11 years with Konstantinos Triantafyllopoulos.

“Their dedication, expertise, and commitment have not only contributed significantly to our team’s success but have also inspired all of us to reach greater heights,” the firm announced. “As Partners, they will continue to bring innovation, leadership, and passion to our firm, driving us forward with their vision and expertise.”

Former Koutalidis Partner Nikos Salakas has left the firm to join Alpha Bank as its new Chief of Corporate Center and General Counsel.

Salakas has been with Koutalidis since 1999 and has been in charge of the firm’s Banking and Finance practice from 2008 to 2019. According to Koutalidis, Salakas will now be “undertaking a key managerial role as Chief of Corporate Center and General Counsel at Alpha Bank, having a seat at the bank’s Executive Committee and reporting directly to the CEO. In his above capacity, he shall be responsible for the areas of Strategy, ESG, Legal Department, Corporate Affairs, and HR, where he will be closely collaborating with the Chief of Human Resources.”

Following Salakas’s departure, Koutalidis Managing Partner Nikos Koritsas will head the firm’s Banking and Finance department together with Partners Effie Papoutsi and Ioannis Kaptanis.

Originally reported by CEE In-House Matters.

Greece is doing a solid job of showcasing its economic resilience, according to Machas & Partners Partner Ioannis Charalampopoulos, who takes a closer look at its intricacies and spotlights the banking sector’s revival, booming real estate opportunities, and a promising horizon for mergers and acquisitions.

“Greece stands out for its selective growth potential amidst prevailing global economic pressures,” Charalampopoulos begins. “While many countries grapple with inflation and rising interest rates, certain sectors in Greece continue to thrive. This resilience is primarily due to the strategic focus on industries with high-performance potential,” he posits.

Zeroing in on specific drivers, it would appear that the Greek banking sector is of significant interest to international investors. “The banking sector in Greece is witnessing a significant turnaround,” Charalampopoulos continues. “Notable transactions include the Hellenic Financial Stability Fund’s formal private sale of its shareholding in Alpha Bank to Unicredit as well as the divestment from the National Bank of Greece and Piraeus Bank via private placement and public officering processes, indicating notable interest from international and strategic investors.” According to him, this resurgence positions Greek banks to finance the business community effectively, leveraging the capabilities of Greece’s economy.

Moreover, the real estate sector appears to be undergoing a transformative phase. “Real estate is indeed experiencing dynamic growth, driven by two main factors: the tourism sector and the strategic importance of Greece as a transport hub,” Charalampopoulos outlines. “Tourism, being the crown jewel of Greece’s economy, is fostering luxurious development projects, while Greece’s strategic positioning as a European transport hub is attracting significant investment in logistics infrastructure, diversifying the opportunities in real estate investment portfolios,” he explains. At the same time, “the landmark urban development project of Hellenikon continues to create positive externalities for the entire commercial and residential real estate market in the surrounding area, while high-net-worth individuals continue to look for high-end luxurious properties in unique locations.”

Looking ahead, with the global M&A sector facing challenges, Greece might have reasons for optimism. “Despite global setbacks, the M&A landscape in Greece is poised for a vibrant 2024. The hospitality industry, in particular, is expected to be a hotbed for transactions, alongside the food industry, energy sector, telecommunications, and education,” Charalampopoulos says. “Life sciences, though niche, are also seeing emerging project opportunities, while M&A transactions can be fueled by supportive acquisition financing mechanisms.”

Finally, Charalampopoulos adds that the Recovery and Resilience Fund is expected to further facilitate investments in Greece. “The RRF plays a pivotal role in facilitating financings and leveraged acquisitions, offering financing at exceptionally low interest rates,” he says in conclusion. “This has been a boon for the banking sector, allowing it to effectively hedge exposures and finance projects that drive Greece’s economic revitalization forward.”

Reed Smith has advised PPC Renewables subsidiary Phoebe Energy on a EUR 294.4 million financing from the EU, Eurobank, and Piraeus Bank for the construction and operation of a 550-megawatt solar photovoltaic project in Western Macedonia. Karatzas & Partners advised Eurobank and Piraeus Bank.

PPC Renewables, a wholly owned subsidiary of Greece’s Public Power Corporation, is a power utility company operating in Southeast Europe.

According to Reed Smith, “EUR 184 million has been sourced from European Union – NextGenerationEU funds via the Recovery and Resilience Facility plan ‘Greece 2.0’ and an amount of EUR 110.40 million will be co-financed by Eurobank and Piraeus Bank. The project aims to generate 1 terawatt of electricity annually, powering 200,000 homes.”

Earlier this month, Karatzas & Partners also advised Eurobank, Alpha Bank, and the National Bank of Greece on financing a 940-megawatt portfolio of solar farms in Amyntaio, Western Macedonia, owned by RWE Renewables and PPC Renewables (as reported by CEE Legal Matters on March 8, 2024).

The Reed Smith team included Partner Dimitris Assimakis, Counsel Minas Kitsilis, Senior Associate George Fountas, and Associate Zissis Papazissis.

The Karatzas & Partners team included Partner Valia Apostolopoulou, Senior Associate Aikaterini Toumpanou, Associates Anastasia Petta, Konstantina Meletiadou, Sophia Papasimakopoulou, Eleni Ioannidou, Mara Skiada, and Nikos Kazantzidis, and Trainee Lawyer Tina Sofianou.

Papapolitis & Papapolitis has advised Intralot on its EUR 130 million debut public bond issuance listed on the Athens Stock Exchange, completed in February 2024.

Intralot is a Greek company that supplies integrated gambling, transaction processing systems, game content, sports betting management, and interactive gambling services to other gambling providers as well as operating its own games.

According to the firm, the issuance led to a 55% oversubscription, to the tune of EUR 201.87 million, and a final yield and interest rate set at 6%. “76.92% of the bonds were allocated to retail investors and 23.08% were allocated to qualified investors,” Papapolitis & Papapolitis reported.

Late last year, Papapolitis & Papapolitis also advised Intralot on its EUR 135 million pre-emptive share capital increase (as reported by CEE Legal Matters on November 3, 2023).

Lambadarios has advised RWE Renewables and PPC Renewables on the financing for their 940-megawatt portfolio of solar farms in Amyntaio, Western Macedonia, through their Meton joint venture company. Karatzas & Partners advised Eurobank, Alpha Bank, and the National Bank of Greece on the financing.

According to Lambadarios, “the projects were eligible to use funds from the Recovery and Resilience Fund – ‘Greece 2.0’ National Recovery and Resilience Plan.”

The joint venture between RWE and PPC was established back in 2021 (as reported by CEE Legal Matters on October 18, 2021).

The Lambadarios team included Managing Partner Constantinos Lambadarios, Partners Prokopis Dimitriadis, Konstantina Siozou, and Melina Katsimi, Counsel Sophia Alonistioti, Senior Associate Katerina Gini, and Associates Margarita Kontogeorgou and Sotiria Bouranta.

The Karatzas & Partners team included Partners Christina Faitakis and Valia Apostolopoulou, Senior Counsel Katerina Dalamara, Senior Associate Argyro Vagia, Associates Angeliki Saringala, Konstantina Meletiadou, Eleni Ioannidou, Mara Skiada, Christina Zevla, Nikos Kazantzidis, Maria-Christina Raptopoulou, and Maria Vamvaka, and Trainee Lawyers Thanasis Christou, Aspasia Stellakatou Loverdou, Magdalini Komi and Dimitris Sfyris.

Reed Smith has advised PPC Renewables on its acquisition of a wind projects portfolio – totaling approximately 164 megawatts – from Intrakat as well as on the parties’ strategic cooperation on developing a further 1.6 gigawatts in renewable energy projects. Argyropoulos-Gissaki & Associates reportedly advised Intrakat.

According to Reed Smith, “the transaction corresponds to an enterprise value of EUR 100 million for the percentage participation of PPC Renewables, while the value of the joint investment, in its potential full development, is estimated to exceed EUR 1 billion.”

PPC Renewables is the renewable energy arm of Greece’s Public Power Corporation, a power and utilities company operating in Southeast Europe.

The Intrakat Group operates in the Greek construction sector and is engaged in the development of large-scale infrastructure projects, the construction of commercial and industrial facilities, as well as the manufacturing of steel structures. The group is also actively involved in a wide range of other business activities such as telecoms, renewables, environmental management, and the development of real estate projects.

The Reed Smith team included Partner Dimitris Assimakis, Counsel Minas Kitsilis, Senior Associate George Fountas, and Associates Georgia Koui, Zissis Papazissis, and Eleni Alexiou.

Papapolitis & Papapolitis has advised London & Regional Properties on its sale of the Athens Titania Hotel to H Hotels Collection.

London & Regional Properties is a private real estate and leisure investment firm based in London.

H Hotels Collection is a family-owned hospitality company that operates six hotels located in Rhodes.

London & Regional Properties had initially acquired the Titania Hotel in 2019 (as reported by CEE Legal Matters on August 15, 2019).

Papapolitis & Papapolitis did not respond to our inquiry on the matter.