Friday, January 27, 2006

Greek Government Drafting Leaseback Legislation - January 26, 2006

The Greek government said yesterday that it expects soon to upgrade part of its massive real estate portfolio through financial leasing tools that will allow it to develop and improve some 1.8 billion euros' worth of state property. Economy and Finance Minister Giorgos Alogoskoufis said that the preparation of a draft bill allowing for sale and leaseback programs is in its final stage and will soon be available for public discussion.

"The state has a very big real estate portfolio which has not been managed with the efficiency required," Alogoskoufis said after an Inner Cabinet meeting. Many state services are currently housed in run-down buildings desperately in need of repair work and a facelift. According to the finance minister, the legislation will allow state services on tight budgets to improve their facilities despite limited resources.

The Finance Ministry will use the leaseback options for its prime real estate in the center of Athens and along the fast-developing Attiki Odos zone. Sphere: Related Content

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