First Land Privatisation Deal Concluded

The Hellenic Republic Asset Development Fund (HRADF) announced yesterday the approval of a binding offer made by NCH Capital for the privatisation of the property at Kassiopi, Corfu.

According to a Fund statement, NCH Capital offers € 23 million to purchase the rights of the property for a period of 99 years, another € 2.3 million for the possible participation of the Fund in the future added value of the asset after six years, as well as € 75 million for investments in the area, acculumating thus about € 100 million in benefits from the privatisation.


The property surface area is 490,000 sq.m. (120.83 acres), of which more than 320,000 sq.m. will be accessible to the public, while the investor has the right to develop another 36,000 sq.m. for mild tourism projects. The HRADF has also approved tender procedures for another four projects.


GREEK NEWS AGENDA