Kedipes assets have risen to more than €5 billion at the end of last year, as confirmed by the chairman of its board, Lambros Papadopoulos, during a press conference on Tuesday.
- Kedipes assets have risen to more than €5 billion at the end of last year, as confirmed by the chairman of its board, Lambros Papadopoulos, during a press conference on Tuesday.
- Notably, the company did not see any inflows from loan portfolio sales in the past year, prompting a closer examination of its financial strategies.
Papadopoulos shared that the company’s cash inflows totalled €209 million in the second half of last year, contributing to an annual total of €370.5 million. This represents a decline of 10.5 per cent when compared to the €414 million recorded in 2024.
Notably, the company did not see any inflows from loan portfolio sales in the past year, prompting a closer examination of its financial strategies.
Operating and asset management expenses showed a slight reduction, falling from €50.4 million in the latter half of 2024 to €48.8 million in the same period last year. For the entire year, these costs reached €97.4 million, an 8.7 per cent decrease from the €106.7 million reported in 2024.
Addressing the asset protection scheme related to the former Hellenic Bank, now Eurobank, Papadopoulos noted that the scheme, which offered protection for 90 per cent of credit losses on loans, was terminated in September 2024. He highlighted that the bank has since paid over €46 million to the state, which acted as the guarantor.
On the subject of repayments to the state, Kedipes made a significant payment of €60 million on December 18 last year, covering its obligations for the final quarter. Over the second half of the year, the company repaid a total of €110 million of state aid, contributing to an overall repayment of €210 million for the entire year.
Further updates were provided regarding the government’s ‘mortgage-to-rent’ scheme, which allows homeowners to transfer ownership of their properties to Kedipes while paying rent to continue residing in them. Papadopoulos revealed that the company has invested €57 million to acquire 471 properties through this initiative, maintaining a cash reserve of €80 million for its financing.
Currently, Kedipes is processing 2,091 applications, with 921 approved and 576 in the technical evaluation stage. The company aims to acquire a total of 1,600 residential properties before the scheme concludes, a notable increase from the initial target of 800 properties.
In terms of real estate holdings, Kedipes reported ownership of €382 million worth of properties, alongside €185 million in liquid assets and €62 million in company shares. The firm also announced €27.1 million in property sales in the last quarter of the previous year, showcasing its active involvement in the real estate market.
