ECONOMY

City of Athens seeks to tap its unused assets

city-of-athens-seeks-to-tap-its-unused-assets

The City of Athens is launching an initiative for the lease and development of real estate assets in the Greek capital, including emblematic locations such as the Varvakeios Central Market and several buildings inside the National Garden, as well as large plots on key thoroughfares like Poseidonos Avenue and Iera Odos, and other holdings that are not being used to their potential.

The municipal authority has called a competition, which ends on Saturday, to hire a special adviser that will be responsible for evaluating 461 assets to be put to tenders. The project has a budget of 7.6 million euros and is already attracting interest from major real estate players.

The adviser will have three years to design a strategic plan for the concession of these assets, which, the municipal authority admits, “are holdings that are either not being utilized at all or are being utilized (under old leases), but well below their potential yield,” according to an official announcement.