Sunday, March 15, 2009

Greek Government Planing EUR 800 Milion Sale Leaseback of Public Properties

PropertyEU - March 13, 2009

The Greek government plans to generate around EUR 800 mln from the sale and leaseback of 33 public properties over the next two years, following approval of the disposal programme by the parliamentary privatisation committee last week. The properties total 272,000 m2 and mainly house government ministries, tax departments and police stations.

Two pilot bids of between EUR 100 mln and EUR 200 mln will be held during 2009, while the rest will be completed by 2010 with parallel bids for packages of properties in the region of EUR 100 mln to EUR 150 mln each.

The government will guarantee the leaseback for a period of around 20 years with an option to extend the lease further or even purchase back the property at an agreed price.

Emporiki Bank, UniCredit and CBRE-Atria advised the government on the disposal programme, which is similar to state sale-and-leaseback schemes under way in Italy, Germany and Belgium. Sphere: Related Content

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