Kedipes assets rise to more than €5bn

State-owned asset management company Kedipes owned more than €5 billion in assets at the end of last year, chairman of its board Lambros Papadopoulos said on Tuesday.

He told a press conference that the company’s regular cash inflows amounted to €209 million during the second half of last year, before outlining the firm’s actions over the past few months.

In total, he said, the company’s regular cash inflows over the course of last year amounted to €370.5m, marking a drop of 10.5 per cent compared to the €414m worth of inflows from 2024.

He also said the company saw no inflows from loan portfolio sales from last year.

The company’s operating and asset management expenses fell slightly from €50.4m in the second half of 2024 to €48.8m in the second half of last year, while operating and asset management costs for the whole year amounted to €97.4m – a drop of 8.7 per cent compared to the €106.7m worth of expenses in 2024.

In addition, he made reference to the asset protection scheme for the former Hellenic Bank, now trading as Eurobank, which was terminated in September 2024.

“The scheme provided protection to the former Hellenic Bank for 90 per cent of credit losses on loans,” he said, before adding that the bank has now paid over €46m to the state, which was a guarantor of the scheme.

Regarding Kedipes’ own payments to the state, he said the company had made a €60m repayment of state cash aid on December 18 last year, and that this amount covered the company’s obligations for the final quarter of the year.

He added that the company had as such repaid €110m of state aid in the second half of the year and €210m over the entirety of last year.

He also offered an update of the government’s ‘mortgage-to-rent’ scheme, through which homeowners are able to transfer ownership of their homes to Kedipes and then pay the company rent to continue living there.

He said the company has thus far spent a total of €57m to acquire 471 properties as part of the scheme and maintains a cash reserve of €80m to finance the scheme.

Thus far, he said, Kedipes has a total of 2,091 applications before it, while 921 have been approved.

He added that exactly 576 applications are “in the technical evaluation stage”, with Kedipes planning to acquire a total of 1,600 residential properties by the time the scheme draws to a close, having initially agreed to acquire 800 residential properties.

According to Kedipes’ own figures, the company currently owns €382m worth of real estate and maintains €185m in liquid assets and €62m worth of shares in companies.

On the matter of real estate, the company announced that it had made €27.1m in sales in the last quarter of last year.