Arbitrage Real Estate was mandated to act as the Technical Advisor on behalf of the financiers of a PPP project related to seven Fire Stations located all over Greece.
Our technical advisory team provided monthly certifications on the remediation works undertaken by the newly appointed Facilities Manager, in order to address the identified construction defects.
The Fire Stations are located in the cities of Thessaloniki, Alexandroupoli, Veroia, Giannitsa, Kalavryta, Lefkada and Gargalianoi. Arbitrage acted on behalf of EIB and one of the 4 Greek systemic banks – the instructors. Arbitrage’s technical advisory team strategically reviewed the status of each station and prioritized the required works taking into consideration the capped budget, aiming to improve the performance of the building and minimize the possibility of unavailability penalties according to the PPP Contract Agreement. The time of the project was 90 days, during which, 28 inspections took place with progress reports and payment certifications to the instructors.