Greece to offload state-owned commercial properties | 2 October 2012
Greece is to sell off a range of high-end properties as part of a privatisation programme linked with its bail-out.
The debt-ridden country has agreed to raise 50 billion euros from the sale of state assets by 2020 and it is thought that half of this total will come from real estate.
Telegraph.co.uk reports that the Greek government has submitted a new list of commercial properties to be sold.
These include the royal Palace of Tatoi in Athens, a 10,000 square foot consular residence in London and various across office buildings in Belgium, Serbia, Cyprus and Slovenia.
The country is even planning to lease out 40 uninhabited islands for the next five decades.
Despite these drastic measures, businessweek.com reports that European officials are unhappy at the speed at which the Greek government is offloading its assets.
They have reportedly raised about 1.8 billion euros so far, with only an additional 300 million expected to be added to this total before the end of the year. Sales have reportedly been held back by other issues, including the country’s largest ever debt restructuring and the battle to keep the Euro.
The aforementioned property sales are unlikely to be completed until 2013.
Written by Joe Elvin on behalf of Qube Global Software
While posted by Qube Global Software all views expressed are not necessarily those of the company. All facts are verified where possible directly by the author.
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