Wednesday September 17, 2014 Search
Weather | Athens
28o C
21o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Greece said to set $35 million minimum price in London home sale

London's Tower Bridge in a file photo. Greece has reportedly set a minimum bid price of 22 million pounds ($35 million) for a London townhouse to help pay its debts.

Greece set a minimum bid price of 22 million pounds ($35 million) for a London townhouse, one of six overseas properties the government is selling to help pay its debts, two people with knowledge of the matter said.

The Greek consul’s residence in Holland Park will be sold along with real estate in cities including Brussels and Belgrade, said the people, who asked not to be identified because the plan is private. They will be the first outright sales of foreign properties by the Greek government since the onset of the global financial crisis. Bidding for the properties will close on March 19, the people said.

Greece, which has pledged to generate 11.1 billion euros ($15 billion) from asset deals by 2016 to meet conditions tied to foreign aid, has so far raised about 1.8 billion euros, sparking criticism from European officials that the government isn’t moving quickly enough. Real estate makes up about 75 percent of state assets and proceeds from property transactions, not budget cuts, should be used to improve Greece’s finances, Finance Minister Yannis Stournaras said last month.

A spokesman for the country’s state privatization fund confirmed the pricing of the London home and declined to further comment.

The fund last week chose NCH Capital Inc. to develop a strip of land on the Greek Island of Corfu under a 99-year concession. NCH, a private-equity firm, pledged to invest 100 million euros as part of the deal.

Cyprus land

Other properties the fund is selling include an 8,000 square-meter strip of land in Nicosia, Cyprus, for a minimum of 5 million euros; an eight-story office building in Brussels with a minimum bid price of 3.3 million euros; and a four-story building in Belgrade for a minimum of 2 million euros, according to the people.

Sales were delayed by months of negotiations over the country’s debt restructuring last year and two general elections that threatened Greece’s membership in the euro.

The London property is a 115-year-old Victorian townhouse with 947 square meters (10,000 square feet) of space, according to the fund. Holland Park is in Kensington & Chelsea, one of the UK’s most-expensive boroughs. Residents include Virgin Group Ltd. founder Richard Branson and TV-show host Simon Cowell.

Marsh & Parsons Ltd. recently sold a 7,000-square-foot property in the area for about 20 million pounds, according to Keith Gorny, a director for the broker.

“We have several strong buyers interested in properties of this type,” Gorny said. “They are mainly from the Middle and Far East and from Eastern Europe.”

Super-prime market

London’s most expensive homes, which increased in value by 6.9 percent last year as buyers competed for fewer properties, will outperform the rest of the U.K. residential real estate market in 2013, according to Knight Frank LLP. Prices in the super-prime market of houses and apartments costing 10 million pounds or more will climb as much as 5 percent this year, the London-based broker estimates.

The fund has also selected London & Regional, Elbit Cochin Island Ltd. and Lamda Development SA for the second round of bidding to buy a majority stake in Hellenikon SA, which will develop the site of the former Athens International Airport. At 6.2 million square meters, the site is more than three times the size of Monaco. [Bloomberg]

ekathimerini.com , Thursday February 7, 2013 (10:32)  
Pensions audit draws money, finds major fraud
Athens dismisses Davutoglu´s invitation to tea on Cyprus
Finance Ministry challenges SYRIZA´s economic pledges
Court extends detention for Fyssas killer
Sports events extend season of tourism
The organization of sporting activities at popular Greek destinations has helped to extend the tourism season and brought additional revenues to sector professionals. Among the big events in...
Gov’t to ask for subsidy return
The government will seek the return of 387.4 million euros in illegal state subsidies given to Greek farmers in 2009, according to a document that Finance Minister Gikas Hardouvelis forwarde...
Inside Business
SOCCER
Mitroglou seals Olympiakos´s 3-2 triumph over Atletico
Costas Mitroglou returned to scoring after 10 long months to seal a famous victory for Olympiakos in the Champions League as the Greek champion defeated visiting Atletico Madrid 3-2 on Tuesd...
SOCCER
Olympiakos, Atletico gear up for Champions League opener
A rousing 2-1 La Liga victory at Real Madrid on Saturday may suggest otherwise, but Atletico Madrid is still rebuilding after losing several key players in the close season, coach Diego Sime...
Inside Sports
FOCUS
Democracy´s many guises and challenges
The wilting Arab Spring, conflict in Ukraine, slaughter in Iraq and Syria, citizens not trusting their governments and Europeans losing their enthusiasm for the Union – most places you look ...
COMMENTARY
Lessons not learned
One year since the assassination of rapper Pavlos Fyssas by a member of Golden Dawn in Keratsini, southwestern Athens, we now know a lot more about the activity of the neo-Nazi party’s hit s...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Mitroglou seals Olympiakos´s 3-2 triumph over Atletico
2. Sports events extend season of tourism
3. Gov’t to ask for subsidy return
4. Shipping sector concentrates but still expands despite crisis
5. First step toward transformation of Athenian Riviera
6. Pensions audit draws money, finds major fraud
more news
Today
This Week
1. Greece at bottom of social justice scale among EU28
2. Lessons not learned
3. Golden Dawn candidate found guilty of inciting racist violence
4. Promises, promises
5. PM to inaugurate new surgery wing at Evangelismos Hospital
6. Thessaloniki woman arrested for cashing in dead aunt's pension
Today
This Week
1. Greece on standby
2. A Greek God
3. Avramopoulos appointed Commissioner for Migration and Home Affairs
4. Central Athens traffic restrictions back in force on Monday
5. Pavlos Fyssas murder trial expected to start before the end of the year
6. EU bank tests may miss trillion dollar risk, study finds
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.