Greece to Sell Government Buildings to Pay Debt

As we mentioned a couple of weeks ago when the Greek consulate in London was up for sale now Greece is putting more real estate up for sale.

As Greece is struggling to appease international lenders and live up to the conditions of its bailout, the debt-choked nation is speeding up the sale of state assets by expanding its privatization program.

Greece’s state fund (Hellenic Republic Asset Development Fund or HRADF) now has more than 70,000 state owned properties on offer for investors and it aims to generate 19 billion euro ($24.5 billion) by 2015 via the sales.

The state’s properties include a 119,800 square meter peninsula with a palace hotel complex and a marina, a 450,000 square meter area in Rhodes with an 18-hole golf course and 4 miles of beach, a coastline in Corfu, an airport area in Athens and the 2004 Athens Olympics broadcast centre.

Apart from land areas, Greece is also offering its government buildings. Greece’s ministries of justice, health, education and culture are seeking to rent out some of their buildings, and although the country is coping with rampant tax evasion, 13 of its tax offices are on offer for privatization as well.

via CNBC

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