Sunday October 26, 2014 Search
Weather | Athens
19o C
12o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Greece prepares as much as $688 million of real estate for sale

By Sharon Smyth

Greece is preparing a property portfolio valued at as much as 500 million euros ($689 million) to offer to investors by the end of this year, according to the head of the Hellenic Republic Asset Development Fund.

The properties will be worth at least 350 million euros and will include leased city buildings, homes and development land, Andreas Taprantzis, executive director at the fund, said in an interview in Athens. UBS AG, Deutsche Bank AG and BNP Paribas SA are advising the fund on the portfolio, he said.

The fund, which completed almost 5 billion euros of deals including 1.8 billion euros of real estate over the past 14 months, is tapping into renewed investor demand for Greek assets. The nation is emerging from a six-year economic crisis that almost forced it to leave the euro.

“There has been a huge shift in sentiment and, after sniffing around for quite a while, investors are now anxious to dig up Greek opportunities,” Taprantzis said. “Look how stocks have performed.”

The Athens Stock Exchange General Index has jumped 175 percent since reaching a 22-year low in June 2012 and the economy is set to grow in 2014 for the first time in seven years. The country’s bonds returned 23 percent in the first quarter, the best among 34 sovereign-debt markets tracked by Bloomberg World Bond Indexes.

Greece is selling everything from land to ports and airports as part of a 240 billion-euro bailout from Europe and the IMF. The asset fund has a mandate to raise 11 billion euros by 2016. The original target after the first bailout in 2010 was for 50 billion euros by 2015.

“It is a buyers’ market, with low price levels that will allow for strong potential capital gains,” said Spyros Raptis, manager of valuations and planning at Athens-based real estate adviser Redvis. “The expected economic recovery and growing activity will definitely lift up real estate returns.”

Last month, the fund agreed to sell Hellenikon, a former airport site that’s almost twice the size of New York’s Central Park, to a group of investors led by Lamda Development for 915 million euros. In December, the fund and the National Bank of Greece SA accepted a 400 million-euro bid from the Jermyn Street Real Estate Fund IV for 90 percent of Astir Palace, a luxury seaside hotel complex in an Athens suburb.

Pangaea REIC, the real estate investment trust owned by Invel Real Estate Partners and the National Bank of Greece SA, aims to raise about 1 billion euros by the end of 2014 to invest in Greek and Italian real estate assets.

“Apart from privatization plans, we are identifying signs of a growing activity in the field of indirect real estate investments,” Raptis said, “The plans of Pangaea as well as other deals show that investors have started to consider their positions in the Greek market.”

[Bloomberg]

ekathimerini.com , Wednesday April 9, 2014 (10:38)  
Nicosia says reforms are bringing results
TAIPED waits for green light from Eurostat
Trade deficit shrinks on big drop in imports
SMEs unable to claim subsidies
Samaras pledges action after flash floods in Athens
Authorities began on Saturday assessing the damage done by flash floods in various parts of Athens a day earlier, with Prime Minister Antonis Samaras pledging that all those affected would b...
No court hearings for civil cases
Greek courts are to stop conducting hearings, which include witness questioning, for civil cases, according to plans drawn up by the Justice Ministry. Kathimerini understands that in a bid t...
Inside News
BASKETBALL
A win is a win is a win for Olympiakos
A bad Olympiakos defeated a worse Laboral Kutxa 63-57 to make it two out of two in the Euroleague on Friday. In a game where the two teams had an overall field goal rate of about one in thre...
SOCCER
Panathinaikos snatches point at Eindhoven
Panathinaikos offered its fans a glimpse of its glorious past in European competitions snatching a draw at PSV Eindhoven, on an otherwise bad night for Greek soccer in the Europa League, as ...
Inside Sports
COMMENTARY
End of reason, end of humanity
The effects of a slew of new and increased taxes introduced since the start of the crisis were first observed in the wages of those still fortunate enough to have jobs, who saw their take-ho...
EDITORIAL
Banks need to step up
What has been leaked so far regarding the results of the stress tests on Greece’s lenders, which are due to be published on Sunday, appears positive. Greece needs a healthy, private banking ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Nicosia says reforms are bringing results
2. Samaras pledges action after flash floods in Athens
3. No court hearings for civil cases
4. Greece’s lenders seem adamant that gov’t must act on bailout commitments
5. Future of Attica trash set to become clearer
6. Policeman admits to murder of his cousin-in-law
more news
Today
This Week
1. End of reason, end of humanity
2. Banks need to step up
3. Samaras pledges action after flash floods in Athens
4. Greece’s lenders seem adamant that gov’t must act on bailout commitments
5. Nicosia says reforms are bringing results
6. No court hearings for civil cases
Today
This Week
1. The past, present and future of the Greek debt crisis
2. Greece’s closed society is central to its current malaise
3. Greece must stick to reforms, says Schaeuble
4. At least 11 banks to fail European stress tests, three in Greece, report says
5. Cyprus to block Turkey's EU talks after EEZ violation
6. Stop moaning and get in the game
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.