Piraeus Bank Spinout Chooses Recognyte for Real Estate Valuations

LONDON, Jan. 25, 2023 /PRNewswire/ -- REM Real Estate Management Single Member SA (REM) manages more than 2,000 Piraeus Bank owned properties in Greece. It was formed as a spinout from Piraeus Bank SA, a leading bank in Greece in terms of market shares in loans and its branch network.

REM will use Recognyte's market leading AI data insights and analytics solution, DataScout, to gain a competitive advantage in managing and servicing the 2,000 real estate assets it manages on behalf of Piraeus Bank.

DataScout will provide up-to-date property information and automated valuations, giving the company insights into the performance of individual assets which will drive better decisions and more profitable outcomes.

Over time, REM plans to roll out Recognyte's other cloud SaaS applications including ActiveEstate portfolio management. ActiveEstate will offer REM a collaborative, friction-free way for it to service and manage its large portfolio of real estate loan collaterals and workflows. The Recognyte platform will enable REM to achieve more effective coordination of its efforts with its asset disposals and accelerate the recovery of asset value.

This significant investment in technology further establishes Recognyte as one of the most reliable go-to protect sources for real estate data, analytics, and business optimization solutions across the real estate lifecycle in the Greek marketplace.

About Recognyte

Recognyte helps banks, investors and owners maximise visibility, value and efficiency across real estate, through unmatched AI technology. From data intelligence to portfolio and asset management, Recognyte removes uncertainty from the entire real estate lifecycle, to achieve higher recoveries, improved NOI and better asset utilisation.

Recognyte operates across the UK and Europe, with deep expertise and experience that is trusted by a growing number of financial services providers including Banca IFIS, Pimco, Bank of Cyprus, and Cepal.

About Piraeus Bank

Piraeus Bank SA, 100% subsidiary of Piraeus Financial Holdings SA, is the leading bank in Greece in terms of total market shares and branch network as at 30 June 2022, offering a full range of financial products and services to 5.7 million customers in Greece, promoting sustainable growth and the principles of responsible banking. For more information, please visit www.piraeusbank.gr.

About REM

REM Real Estate Management is a 100% subsidiary of Resolute Asset Management formed in 2022, following the acquisition of Piraeus Real Estate Management, to provide strategic support, RE valuation services and asset and property management for over 5,000 own-use and non-core properties in Greece. With over 100 employees and offices in central Athens, REM focuses on the management, value enhancement and monetization of Piraeus Bank's portfolios of own-use and non-core real estate, including both large commercial assets and granular real estate assets all over Greece; as well the provision of valuations, analysis and advisory support in relation to real estate collateral of both performing and non-performing loan portfolios.

For more information, visit www.recognyte.com

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