Three investors vie for major Greek state portfolio

Greece's state privatisation fund, the Hellenic Republic Asset Development Fund, said it has received three binding offers for a portfolio of 28 buildings occupied by the government.

Real estate investment trusts Dolphin Capital, Eurobank Properties and NBG Pangaea are all vying for the portfolio which will be leased back to the state on a long-term rental agreement.

'HRADF’s board of directors, during its next meeting, will decide on the validity of the offers of the candidates, taking into account the recommendation of its financial and legal advisors following which, it will proceed to the opening of the financial offers,' the fund said in a statement.

The sale is part of the country's privatisation programme aimed at paying back its international bailout creditors. Earlier this year, the fund accepted a €23 mln bid from New York-based NCH Capital for the development of a resort on a 500,000 m2 site in the Kassiopi area of Corfu.

Dolphin and NBG are also participating in the competitive bidding process initiated by the National Bank of Greece and the HRADF for the sale of the Astir Palace resort.

The completed resort development comprises 75 acres on a private peninsula, and is located in the most upscale area of the Athenian Riviera.