Building Enterprise Value in Greece Through Better Financing and Disciplined Execution
Lidis Property Partners (LPP),participated in the Athens Credit & Special Situations Forum 2026, organised by DDC Financial Group at the NJV Athens Plaza Hotel on 12–13 November.
The forum brought together institutional investors, private capital managers, banks and advisers from Greece and international markets to examine the evolving investment landscape across Greece, Cyprus and Southeast Europe.
Dennis Lidis, Founder and Chief Executive Officer of LPP, was a featured speaker in the panel ‘Real Estate, Hotels and Tourism Assets: Core Opportunity or Crowded Trade?’ on 12 November. He joined Imshan Jamal of EQ Group and Yannis Daskalakis of Daskalakis & Associates, in a discussion moderated by Tassos Kotzanastassis of 8G Capital Partners.
His central message was that Greece’s continuing institutional development is creating opportunities for new capital providers, while sustained investment performance increasingly depends on the sponsor’s ability to develop and operate assets profitably
Greece’s financing gap creates a substantial opportunity to build enterprise value
The Greek capital market has progressed substantially, but LPP considers its depth, financing options and execution standards to remain short of those of more mature European markets. Financing structures do not yet consistently meet the requirements of investment sponsors, particularly where a project must pass through planning, development or repositioning before it becomes eligible for conventional bank lending.
LPP estimates that conventional financing processes for investment projects average more than 180 days, a timeframe the firm regards as increasingly incompatible with the requirements of modern investment activity. Neobanks and digital lenders are challenging established expectations, with decisions on selected financing products increasingly measured in days or hours. LPP sees scope for new entrants to combine faster execution with capital structures suited to the cash flows and risks of the underlying investment.
Addressing this gap would create opportunities to build valuable financing businesses while enabling more productive investment across the economy. For experienced sponsors, better access to appropriately structured capital would also help convert viable projects into financeable investments
“Protecting investment margins requires scale and direct operating capability.”
LPP maintains a positive view of the underlying demand supporting Greek hospitality investment. The firm sees demand as consistent and strengthening over the medium term, while recognising that higher acquisition values and persistent construction and operating cost pressures are reducing the margin for error.
During the discussion, Mr Lidis emphasised the importance of a vertically integrated investment model. The ability to originate, develop, own and operate assets gives the sponsor greater control over the decisions that determine profitability. Scale can support more efficient operations across a portfolio, while direct operating capability helps prevent revenue growth from being absorbed by rising costs. Protecting operating income, in turn, supports asset value.
This approach underpins LPP’s hospitality investment business, which has achieved its financial targets. The firm’s current forecast indicates that performance will modestly exceed its targets for 2027.
Greece’s return premium rewards experience and execution
As the Recovery and Resilience Facility (RRF) moves through its final disbursement phase, LPP expects a gradual shift towards investment activity that is less dependent on subsidised financing. In the firm’s assessment, the adjustment in RRF and other support mechanisms will increase the importance of rigorous underwriting and proven operating capability when determining which projects attract capital.
LPP is already seeing a stronger pipeline of potential investments and expects this trend to continue. The firm sees particular opportunity where assets require repositioning, owners reassess valuation expectations, or investment plans need stronger execution capabilities. These situations favour sponsors able to evaluate the full cost of delivery and translate an investment thesis into sustainable operating performance.
LPP’s assessment is that Greek real estate can continue to generate returns 30–40% higher than European benchmarks, provided the general partner has the relevant experience and local execution capability. Capturing that premium requires the ability to price and manage the planning, financing and operating risks embedded in each investment.
For international capital, this places greater importance on selecting a manager with the capacity to execute throughout the investment lifecycle. LPP has built its platform around that requirement, combining private equity investment management with property development and direct operating capabilities to pursue value creation across market cycles.
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