The Greek government has appointed investment bank Lazard to advise on its public finances including the sale of a number of state-owned assets. The state is also weighing the launch of a real estate investment trust to which it would transfer a large part of its real estate portfolio.
The Greek government has appointed investment bank Lazard to advise on its public finances including the sale of a number of state-owned assets. The state is also weighing the launch of a real estate investment trust to which it would transfer a large part of its real estate portfolio.
The move follows a EUR 110 bn rescue package by the European Union and IMF to prop up the debt-stricken country.
The move would create the second large Greek real estate investment trust after the launch earlier this year of NBG Pangaea Real Estate Investment Company, the EUR 1 bn property investment arm of the National Bank of Greece (NBG). The unit controls a portfolio of 241 commercial properties located in prime urban areas.
Other REITs in Greece include MIG Real Estate REIC and Eurobank Properties.
