ECONOMY

Reds tables highest offer for Crete military base

reds-tables-highest-offer-for-crete-military-base

Greek developer Reds has offered the highest bid for a sprawling former US military base on Crete at 40.2 million euros, privatization agency TAIPED said on Monday.

Four investors bid in October to acquire the 85-acre plot in Gournes, outside the city of Iraklio, and turn it into a seaside tourist resort with an entertainment park.

TAIPED, which is handling the sale, initially chose three of them and last month unsealed their offers.

In line with the tender’s rules, it then asked two bidders, Greek developers Dimand and Reds, to improve their offers via an e-auction yesterday.

Reds’ €40.2 million bid was the highest in the auction, TAIPED said, adding that its board will meet soon to ratify the result. [Reuters]