New Partnership Aims to Improve Greek Public Real Estate Utilization

Alimos Marina. Photo Source: HRADF

Two member companies of Greece’s Growth Fund, also known as The National Fund of Greece, recently signed a Memorandum of Cooperation to better utilize Greek public real estate.

The Hellenic Public Properties Company (HPPC) and the Hellenic Asset Development Fund (HRADF) agreed to cooperate to speed up the maturation processes for the utilization of emblematic real estate properties belonging to HPPC, focusing on those considered pivotal for the national economy, tourism and the manufacturing sector.

The memorandum was signed by HRADF CEO Dimitris Politis and by his counterpart, Iro Hatzigeorgiou, on behalf of HPPC. The two companies will be establishing a common working team, supported by commercial, technical, financial and legal experts and presided over by an HRADF executive. The working team will be overseen by Hatzigeorgiou of HPPC.

Upon signing the memorandum, Politis expressed his satisfaction for the agreement, referring to the HRADF’s by now extensive experience with real estate development projects. He specifically referred to the expected positive results from this pulling together of efforts regarding the utilization of public properties, saying that “they will bring multiples of advantages, most important for local communities.”

Hatzigeorgiou noted that the memorandum represents a step forward for HPPC, as the company seeks to develop further and to achieve the maximum results from the utilization of its real estate properties. The HPPC’s CEO added that the main goal is to add value to the real estate owned by the Hellenic State and to thus benefit Greece’s national economy and the country itself. To this end, it was important to bring together “the experience of the human capital of the HPPC and the knowhow and versatility of HRADF,” she concluded.