Eurobank backs €65m UNIC Athens investment
Eurobank has announced that it has financed the development of the new UNIC Athens campus, a project exceeding €65 million that marks a major international investment for Cypriot higher education and expands the presence of the University of Nicosia in Greece.
The official inauguration ceremony for UNIC Athens took place on April 30 in the Elliniko area of Athens, in the presence of Greek Prime Minister Kyriakos Mitsotakis, President Nikos Christodoulides, representatives of the Greek government, and members of the academic and business communities.
Eurobank was represented at the event by deputy chief executive officer Konstantinos Vassiliou and other executives from the group.
According to the announcement, UNIC Athens will serve as the academic and research base of the University of Nicosia in Greece.
The investment is being implemented through the participation of the University of Nicosia and Hellenic Healthcare Group, with the project described as strengthening the international outlook and global presence of Cypriot education.
The announcement stated that the project represents a significant international investment by a Cypriot university, while also constituting an important development for Cyprus’ higher education sector.
The financing covered the acquisition of the property through bank funding provided by Eurobank, as well as the full modernisation and technical upgrade of the facilities under the framework of the Recovery and Resilience Facility loan programme.
The total investment for the development of the project exceeds €65 million, the announcement confirmed.
According to Eurobank, the project aims to achieve a high level of operational efficiency for the property and ensure the optimal functioning of the university through the creation of a modern and fully equipped academic unit housed in a building designed to meet advanced operational and environmental performance standards.
The investment for the modernisation and technical upgrade of the facilities falls under the “Green Transition” pillar of Greece’s national recovery and resilience plan, known as “Greece 2.0”.
The total budget for the specific upgrade investment amounts to €20.27 million, of which approximately €18.73 million qualifies as eligible investment expenditure for the building upgrade.
The financing structure includes 40 per cent from a loan under the Recovery and Resilience Facility, 40 per cent through bank financing from Eurobank, and 20 per cent through equity participation by Fastforward A.E., the company through which the building investment is being financed and implemented.
Eurobank stated that a significant part of the budget is being directed towards actions supporting the green transition, including the adoption of energy-efficient solutions in the building and mechanical infrastructure.
These measures are expected to improve the building’s energy efficiency and reduce its environmental footprint.
The building is also expected to receive LEED Gold certification, confirming compliance with modern environmental performance standards.
“The co-financing of UNIC Athens is a major project for Eurobank and also an important development for Cypriot education,” said Eurobank Limited chief executive officer Michalis Louis.
“This is a high-specification building, a modern and fully equipped academic unit housed in a model facility distinguished by operational and environmental performance, contributing to a high-quality academic life for students,” he added.
“At Eurobank, we support projects that strengthen progress and international outreach, creating new prospects and modern foundations for sustainable growth,” Louis concluded.