Greece Aiming to Tap Into Public Assets

Alimos Marina. Photo Source: HRADF

Greece is looking to capitalize on dozens of public assets in an attempt to boost state coffers and drive the economy, said Public Properties Company (ETAD) CEO Stefanos Vlastos during the 21st Prodexpo virtual conference this week.

Vlastos said ETAD would be launching concession tenders for clusters of real estate or individual properties out of a total of 77,000 assets on its roster.

“We’re interested in transforming and becoming a real estate company. We primarily believe that the market is in a better position to proceed with the optimal utilization of Greek state assets,” said Vlastos.

Public assets along the Athens Riviera and in the Attica region include properties, parking lots, buildings erected for the Athens Olympic Games (such as the Tae Kwon Do Olympic facility in Palaio Faliro), which will focus on urban regeneration through innovation including smart farming and green projects.

ETAD is also seeking to create or upgrade marinas with the Alimos facility leading the way and expected to contribute to the upgrade of the area in combination with other projects underway.

The program’s public assets include Hellenic Shipyards SA, Skaramagas, former Olympic Games facilities and other non-tourism related properties in Attica, on the islands and in Central Greece.

Tae Kwon Do Olympic facility, Palaio Faliro. Photo source: ETAD

Vlastos referred to digital transition which was “accelerated by the [Covid-19] pandemic and which allows ETAD to have a more “advanced database, to enter the market, utilizing real estate which is beyond the tourism sector”.

“We want to immediately reduce and break down the risk as we are currently exposed by 82 percent in tourism real estate, so the impact of the health crisis for us at this time is considerable,” he said.

Vlastos said ETAD was currently renegotiating existing agreements, restructuring, and opening up to the market in order to further contribute to the reduction of public debt.