The transaction was carried out through AIEF Hellenic Fin LP, an Irish fund controlled by Arena, and forms part of the National Bank of Greece’s broader “Project Pronto” initiative aimed at offloading non-performing exposures tied to leasing agreements.
Project Pronto encompassed the sale of shares in Probank Leasing, alongside leasing portfolios from the former First Business Bank (FBB) and NBG Leasing, with a total pre-provision book value of €33 million.
The sale of Probank Leasing shares was finalized a few weeks ago, signaling NBG’s continued effort to clean up its balance sheet and reduce exposure to non-performing assets.
Arena Investors is not new to the Greek market. It previously made headlines in 2021 when it provided interim financing for the troubled Greek retailer Folli Follie.
That investment was recouped following the sale of the iconic Minion building in central Athens, further solidifying Arena’s presence and familiarity with the local financial and real estate sectors.
Following the acquisition, Arena has installed a new board of directors at Probank Leasing, composed of its own senior executives Eamonn McInerney, Lawrence David Cutler, and Pablo Fraga.
The company’s new CEO is Filippos Andreou, a seasoned Greek banker with extensive experience in corporate restructuring and investment advisory. Andreou has recently been active through his consultancy firm Fortivis, which specializes in sourcing and executing investment opportunities, advising on capital structures and lending, and leading corporate recovery efforts.
From a financial perspective, Probank Leasing presents a compelling asset. Its portfolio of investment properties is valued at around €7.2 million, with annual interest income from leasing agreements reaching €3.36 million. As of 2023, the company’s total lease receivables portfolio stood at €54.9 million. These figures likely played a pivotal role in attracting Arena’s interest, as the firm continues to pursue opportunistic investments across distressed and special-situation assets in Europe.
