Greece Completed US$ 2.5 Billion Real Estate Deals Over The Past 14 Months
Source: http://www.bloomberg.com
#greece #realestate #economy
According to Bloomberg, for last 14 months The Hellenic Republic Asset Development Fund completed almost US$ 6.88 billion of deals including US$ 2.5 billion of real estate deals.
Now Greece is preparing a property portfolio valued at as much as US$ 688 million to offer to investors by the end of this year. The properties will include leased city buildings, homes and development land.
The Hellenic Republic Asset Development Fund was created in 2011. Greece is selling everything from land to ports and airports as part of a US$ 331 billion bailout from Europe and the IMF. The asset fund has a mandate to raise US$ 15.2 billion by 2016. The original target after the first bailout in 2010 was for US$ 69 billion by 2015.
Greece holds an extensive privatization program to increase revenue and reduce the budget deficit. In March 2013 Greece's cash-strapped government detailed its plans to sell 28 state-owned buildings on long-term lease, including tax offices, ministry buildings, and the main police headquarte's Hellenic Republic Asset Development Fund announced, that one of the best real estate properties - the Athens former airport in the coastal area of Athens Ellinikon will be sold. Earlier Greece HRADF has identified 40 uninhabited islands and islets that could be leased for as long as 50 years to reduce debt as pressure grows on the country to revive an asset-sales plan key to receiving international aid. At the beginning of 2012 Archaeological treasures including the temple of Delphi, the most popular site after the Acropolis, were available as backdrops for filming and photographic shoots.
Now Greece is preparing a property portfolio valued at as much as US$ 688 million to offer to investors by the end of this year. The properties will include leased city buildings, homes and development land.
The Hellenic Republic Asset Development Fund was created in 2011. Greece is selling everything from land to ports and airports as part of a US$ 331 billion bailout from Europe and the IMF. The asset fund has a mandate to raise US$ 15.2 billion by 2016. The original target after the first bailout in 2010 was for US$ 69 billion by 2015.
Greece holds an extensive privatization program to increase revenue and reduce the budget deficit. In March 2013 Greece's cash-strapped government detailed its plans to sell 28 state-owned buildings on long-term lease, including tax offices, ministry buildings, and the main police headquarte's Hellenic Republic Asset Development Fund announced, that one of the best real estate properties - the Athens former airport in the coastal area of Athens Ellinikon will be sold. Earlier Greece HRADF has identified 40 uninhabited islands and islets that could be leased for as long as 50 years to reduce debt as pressure grows on the country to revive an asset-sales plan key to receiving international aid. At the beginning of 2012 Archaeological treasures including the temple of Delphi, the most popular site after the Acropolis, were available as backdrops for filming and photographic shoots.
