BUSINESS

Olympic properties up for lease

By Vangelis Mandravelis

State bailout fund TAIPED is moving ahead with its plans for the utilization of three major state properties, the Olympic facilities at Galatsi and Markopoulo and the Sambariza property at Ermioni, all in Attica.

The utilization of the Olympic properties will be conducted via concession contracts with a length of 40 years. Interested buyers can bid for one or both and the submission date for offers is set for September 22. The preferred bidder will be chosen based on the highest price at present values.

The Olympic installation at Galatsi hosted the rhythmic gymnastics events during the 2004 Games, but is tangled up in legal red tape: A consortium comprising Sonae Sierra and Haragionis undertook the utilization of the property in 2007 following a tender, but it was unable to obtain an operating license for five years due to legal action by the Municipality of Galatsi. The consortium, which has already paid lease rates for five years, resorted to the courts, seeking compensation amounting to 20 million euros.

The Markopoulo installation was used for the 2004 Olympic equestrian events and has been used for horse racing since then.

The Sambariza property will be sold for utilization. It comprises a plot of about 172,000 square meters, and TAIPED’s objective is to have it used for tourism development, mainly in the form of holiday homes. The property is 185 kilometers from Athens and is close to popular destinations such as Ermioni, Porto Heli, Hydra and Spetses. The deadline for the submission of offers for the Sambariza property is also September 22.

TAIPED has granted an extension of a few days to the tender for the utilization of the plot at Afandou on Rhodes.

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