102.2 million euros worth of real estate was transferred to KEDIPES. Compared to € 96.6 million in the fourth quarter of 2020, the growth was 5.7%.
The driving force for this increase was property management revenues, which for the second time in a row reached their highest quarterly level since the start of the company (€47.0m), driven by targeted campaigns to promote low- to mid-market housing outside urban centers.
Loan and real estate management receipts amounted to €98.5 million, or 1.3% of the nominal value of €7,323 million of loans and real estate portfolio at the end of the fourth quarter of 2020.
The cumulative cash inflow since the inception of KEDIPES (January 9, 2018 - March 31, 2021) amounted to €923.4 million.
Proceeds from the management of loans and real estate amounted to €880.1 million, or 10.9% of the nominal value of the original loan and the real estate portfolio of €8,051 million.
Operating and asset management costs in the first quarter of 2021 were €26.1 million, decrease by 18.3% (from €32.0 million in the fourth quarter of 2020), which included an increase in portfolio management costs due to expanded solutions for restructuring and / or restoration, as well as payment of the 13th salary. In relation to the corresponding expenditure in the first quarter of 2020 of €27.5 million, this figure increased by 5%.
Loans at par value amounted to €6,634 million at the end of the first quarter of 2021, compared to €6,688 million in the fourth quarter of 2020. The total debt burden since the start of operations, from September 1, 2018 to the fourth quarter of 2021, amounted to 10.0%. Excluding interest capitalization, total leverage since the start of operations has stalled at 23.5%.
Substantial interest from buyers, despite the coronavirus pandemic, has largely contributed to Altamira's campaign to promote medium liquidity properties.
Thus, the total revenue from the sale of real estate through Altamira until March 31, 2021, amounted to €161 million (€306 million in the fourth quarter of 2020 and €157 million in the same quarter of last year).
The assets of KEDIPES at the end of the first quarter of 2021 amounted to €7,495 million, of which €188 million were in cash, €619 million were in real estate assets, €628 million euros were loan assets.
The total debt burden of KEDIPES from September 1, 2018 to the first quarter of 2021 was 9.1%. Excluding interest capitalization, overall leverage since the start of operations has stalled at 21.2%.
It is worth noting that by the decision of the KEDIPES board of directors, real estate worth €140 million was excluded from the shares put up for sale and transferred to the government in repayment of government aid. At the same time, since the beginning of the work of KEDIPES, this figure has already exceeded €460 million. Further payment of government aid for 2021 is directly related to the possible transformation of KEDIPES into a national asset management company. KEDIPES is ready to contribute in this direction until appropriate decisions are made.
As you may know, KEDIPES is a subdivision in the structure of the former Cooperative Bank, created to manage risky assets after the takeover by Hellenic bank in 2018.
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