ECONOMY

New state assets set to go on sale

The state privatization fund (TAIPED) is about to embark on the second wave of tenders for state-owned properties, with four assets that are likely to attract significant interest and bring some much-needed cash into the public coffers.

After the invitation for expressions of interest for the plot of the former airport at Elliniko, southern Athens, and for the sale and leaseback of 39 state properties, TAIPED is now turning to a fresh group of assets for their sale and/or concession and operation by private investors.

These are the Astir Palace Resort at Vouliagmeni, southern Athens, the former International Broadcasting Center — built for the Olympic Games at Maroussi, northern Athens, that now houses the Golden Hall shopping center — and the plots at Kassiopi on northern Corfu and at Afandou on Rhodes.

The method for the utilization of this group of properties remains open for now, but within January the plans will be finalized so that the the fund can issue a tender call. The amount that this package could bring in has not been announced as yet.

TAIPED is currently in discussions with the main owner of the Astir Palace plot, National Bank of Greece, regarding the optimum use of the property, whose existing concession contract, however, continues until 2030. TAIPED and the bank will jointly seek out a solution to this, and the lender?s planned acquisition of Vouliagmeni Marina is intended to make the package more attractive to prospective investors.

TAIPED?s target as far as the former IBC is concerned is to sell the whole building and the plot that comes to some 50,000 square meters. The primary bid is expected to come from Lamda Development, which runs Golden Hall.

On Rhodes, the plot stretches to 1.5 square kilometers along the seafront and TAIPED aims at conceding it for utilization by enterprises or investment funds interested in the tourism and entertainment sectors.

The Corfu plot is a similar case, although it is much smaller, covering 0.5 sq.km.

The problem is that the ownership of the plots on both islands is in dispute as several people have laid claim to parts of them.