White & Case Advises Alpha Bank on Real Estate Asset Sale in Greece, Navigating Regulatory Frameworks
White & Case LLP has played a pivotal role in advising Alpha Bank on the strategic sale of a significant portfolio of real estate assets in Greece. This major transaction, one of the largest real estate deals in Greece in recent years, involved the disposal of properties worth approximately €400 million. Over time, the transaction adjusted as Alpha Bank sought to streamline its holdings, ultimately leaving the bank with a minority interest in a portfolio valued at €300 million.
White & Case’s legal expertise ensured that the transaction adhered to the regulatory frameworks in Greece and the European Union, facilitating a smooth process. The firm’s counsel was crucial in navigating the complex legal landscape that governed such a significant real estate deal, ensuring full compliance with national and international regulations.
Alpha Bank, which is one of the most influential financial institutions in Greece, has been focusing on restructuring its business and reducing its exposure to non-core assets. The sale of these real estate assets was part of the bank’s broader strategy to refocus on its core banking operations.
White & Case’s team, led by experienced partner Debashis Dey, was responsible for advising on both the financial structuring and the regulatory implications of the deal. The team worked closely with Alpha Bank to ensure that the transaction complied with Greek property law and EU regulations, which are essential in such large-scale deals.
The careful attention to regulatory details helped to mitigate potential legal risks and ensured that the deal was executed seamlessly. The real estate portfolio involved in the transaction included a wide range of properties, totalling 460 in number, which had previously been part of Alpha Bank’s broader real estate holdings.
Some of these assets were sold off to third parties before the final structure of the deal was settled. White & Case provided invaluable guidance in creating a holding structure that allowed the bank to retain a minority stake in the remaining portfolio while facilitating the sale of the assets to third-party buyers.
The firm’s deep understanding of regulatory compliance was particularly essential in this phase, ensuring that the legal aspects of transferring such a large number of properties were managed efficiently and in accordance with the law.
The deal also showcased the importance of having legal experts navigate the regulatory requirements of real estate transactions in Greece. Greek property law and EU regulations play a key role in determining the terms and structure of real estate deals, especially when the transactions involve large financial institutions like Alpha Bank.
White & Case’s team not only focused on structuring the deal but also worked to ensure that every aspect of the sale complied with the relevant regulations. This included reviewing the tax implications, overseeing compliance with European competition laws, and ensuring that the transaction did not raise any issues related to anti-money laundering or other financial regulations.
The strategic sale of real estate assets is a growing trend among financial institutions, especially as they seek to optimize their asset portfolios and reduce risk exposure. By focusing on its core banking operations, Alpha Bank aims to improve efficiency and strengthen its financial standing.
The successful execution of this real estate deal with White & Case’s guidance underscores the firm’s expertise in managing complex financial and regulatory transactions. This deal also highlights the increasingly important role that legal experts play in helping financial institutions navigate the regulatory frameworks that govern real estate transactions both at the national and international levels.
This transaction marks a significant step in Alpha Bank’s ongoing restructuring efforts and its pursuit of a more sustainable and focused business model. It also reflects broader trends in the banking sector, where institutions are increasingly seeking to streamline operations and reduce their involvement in non-core assets.
By leveraging the expertise of White & Case, Alpha Bank has not only secured a profitable outcome but has also ensured that the entire process complied with the necessary legal and regulatory requirements, setting a strong foundation for the bank’s future growth.
