doValue S.p.A., a European provider of financial services, has announced a new contract through its subsidiary, doValue Greece Real Estate Services, with a leading Greek bank. Under this agreement, the company will manage approximately 2,000 real estate assets with a net book value of around €200 million.
While this is a notable development for doValue Greece, which entered the Greek real estate market in 2020, it follows the broader trend of companies expanding their services in a growing Greek real estate sector. doValue Greece, which focuses on asset management through securitization vehicles, reported revenues of €13.5 million in 2023 and is looking to build on this momentum.
The new contract aligns with doValue’s overall strategy of diversifying revenue streams, particularly through high-value-added services in the real estate sector. The company has been steadily growing its presence in Greece and other Southern European markets, and this new mandate is expected to support doValue Greece’s efforts to offer more comprehensive mortgage brokerage and real estate services in the coming years.
Despite the optimism around this deal, it is essential to note that the Greek real estate market remains subject to a range of economic factors, and the actual impact of this agreement will depend on the successful execution of the contract over time. Nonetheless, the addition of this mandate is consistent with doValue’s broader objectives of expanding its presence and diversifying its portfolio in a competitive regional market.
doValue: Expanding Presence in Southern Europe
The doValue Group is one of Southern Europe’s largest operators in the credit and real estate management sectors, with over €116 billion in gross assets under management as of December 2023. It operates across Italy, Greece, Spain, and Cyprus, providing a range of credit servicing solutions, including management of non-performing loans (NPLs), unlikely-to-pay (UTP) loans, and performing loans.
In 2023, doValue reported gross revenues of €486 million and an EBITDA, excluding non-recurring items, of €179 million. The company’s stock is listed on the Euronext STAR Milan exchange.
While the company is optimistic about the growth potential in Greece, it will need to navigate the complexities of the local real estate market to fully capitalize on this new contract. Nevertheless, doValue’s ongoing investments in its Greek subsidiary reflect its intention to remain a significant player in the region.
