Another attempt, this time with the help of private sector professionals, to fix the cost carefully real estate his portfolio Public starts in December super fund. The goal is, on the one hand, to evaluate approximately 70,000 rights to property controlled by Greek Public Real Estate Company (ETAD) and on the other hand, the choice of model by categories and geographical areas for their use. Whether it concerns a sale or a long-term concession, or even a concession for public purposes or use by the state. The Board of Directors of Superfund (Hellenic Holdings and Property Company) will proceed within the next two weeks to approve the selection of an independent private consultant with extensive experience in this field, who was selected after an appropriate tender process.

This consultant will first map, carefully appraise and appraise 500 ETAD properties, and then the Superfund, in collaboration with ETAD, can increase the number of properties appraised to 1,000. Properties will be selected using an appropriate sampling frame to cover all possible asset sizes and classes. The private consultant, after conducting a thorough assessment of the EDMS databases with the Superfund, will select a sample that is adequate to the complexity of the situation. In practice, market sources explain, this is an informal due diligence.

With the help of an independent private consultant, an initial mapping, thorough appraisal and valuation of five hundred securities will be carried out.

The first 500 properties must be valued within three months, i.e. by the end of February, after which the consultant must recommend methods for the best valuation methodology and the valuation of their entire real estate portfolio, as well as the tasks and problems identified during the process. It will also evaluate the steps, activities, and resources (time, people, and costs) needed to complete the entire portfolio appraisal (including background checks).

The ETAD portfolio includes thousands of tourism properties and infrastructure such as marinas, campsites, ski resorts, cultural centers, caves, tourist kiosks, hot springs and former Xenia hotels, a range of urban, rural and coastal farmlands, former Olympic objects. and objects, but also large places of worship both in cities and in mainland and island regions throughout Greece.

In the financial report for 2020, the last one posted on its website, the value of investments in real estate in the corresponding accounting statements is fixed at 1.027 billion euros. However, according to an independent chartered accountant’s report, Atticos Ilios’ claim against ETAD for approximately $568 million plus interest from the Litigation Service remains open. This total with surcharges is today estimated at more than 700 million, and for this reason it is mentioned once again among the fiscal risks for Greece and in the autumn estimates of the European Commission.