BUSINESS

Q1 sell-off deals added up to 4.9 bln euros

By Vangelis Mandravelis

Agreements for privatization projects in the first quarter of the year amounted to 4.9 billion euros according to a report issued on Wednesday by the Hellenic Republic Asset Development Fund (TAIPED) following the sealing of the deal for the development of Elliniko.

The report stated that the agreement for the utilization of the old Athens airport involves a 915-million-euro offer, but the total price amounts to 2.2 billion when the necessary infrastructure investments are factored in. TAIPED has also agreed to the sale of three properties abroad for 11.2 million euros and two within Greece for 7 million.

Nevertheless, the above deals completed from January to March are yet to bring in any cash, resulting in very low revenues for the first quarter of the year. Consequently the fund registered losses of 1 million euros in Q1, against marginal losses a year earlier.

In March the fund also approved the sale of 28 state buildings worth 261 million euros, but this was a transaction completed in the current quarter, when TAIPED will also cash in another 7.5 million euros from the concession of two properties in northern Greece.

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