Wednesday March 4, 2015 Search
Weather | Athens
20o C
11o 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)  
Bourse benchmark and turnover head south
Germany says third Greek aid package not on Eurogroup agenda
Success of Greek reforms rest on implementation, says Lagarde
De Guindos insistent that Greece likely to need another aid program [Update]
PPC hits back at criticism over workers’ pay hikes
The former head of the union of Public Power Corporation workers (GENOP), Nikos Fotopoulos, on Wednesday lashed out at criticism following a decision by PPC and GENOP on a new collective lab...
Probe launched following delays in arresting pedophile
An administrative holdup prevented authorities from arresting a 40-year-old suspected pedophile before Tuesday, when he was caught with a minivan that he used to lure children and where he w...
Inside News
SOCCER
Super League restarts, but behind closed doors
Deputy Minister for Sports Stavros Kontonis announced on Wednesday the resumption of the Super League this weekend after it was suspended last week following crowd trouble at the Athens derb...
SOCCER
Marinakis fines Olympiakos players
Olympiakos president Evangelos Marinakis on Monday fined the team 500,000 euros for disappointing performances and called on them to make a «sacrifice» to win trophies or leave. "Olympiakos ...
Inside Sports
FOCUS
Greek officials have ruffled feathers in Brussels for not having good diplomatic manners
Strapped for cash and under pressure to deliver on reforms, Greece's new radical government has ruffled feathers in Brussels by not respecting the diplomatic niceties of the negotiating tabl...
COMMENTARY
Up the creek without a paddle
One of the issues that dominated the country’s pre-election debate was whether SYRIZA, which eventually won the vote, had worked out a plan B. It was clear from the start that its much-hyped...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. PPC hits back at criticism over workers’ pay hikes
2. Probe launched following delays in arresting pedophile
3. Suspects in Conspiracy breakout case released
4. Workers protest withdrawal of Hellas Gold processing plant license
5. Thieves posed as PPC workers to rob pensioner in Fokida
6. Bourse benchmark and turnover head south
more news
Today
This Week
1. Up the creek without a paddle
2. Greek officials have ruffled feathers in Brussels for not having good diplomatic manners
3. Panousis says no official decision on undocumented migrants
4. More Germans booking holidays in Greece, tourism chief says
5. For Greece, a lesson from Ireland, Kenny says
6. ECB glimpse of Cyprus debt shows limits of bank cleanup
Today
This Week
1. Greece to make international protest over Turkey reserving Aegean air space
2. A fierce battle looms
3. SYRIZA feeling the pain
4. The Greek tax drama
5. The unlikely winners of Greece's surrender on euro
6. Tsipras reversal draws Greek sympathy as party rumblings rise
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.