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Friday 1 February 2013

Greece accepts $31 million bid for island plot

 The Associated Press.

ATHENS, Greece (AP) -- Greece's state privatization fund says it has accepted a (EURO)23 million ($31 million) bid from New York-based investors to develop real estate on the western resort island of Corfu.
It is the first successful deal involving a large plot of state-owned real estate, which accounts for about 50 percent of Greece's ambitious privatization program.
A fund statement Thursday said NCH Capital will be granted a 99-year concession to exploit the seaside plot at Kassiopi. The state will retain ownership of the 120-acre (nearly 50-hectare) forested property, selling what it calls the "right of surface."

The fund said the total investment at Kassiopi is expected to reach (EURO)75 million ($101 million), and will create hundreds of construction jobs.
Greece's privatization program is part of its commitments to international bailout creditors.
http://careers.ap.org/dynamic/stories/E/EU_GREECE_PRIVATIZATIONS?SITE=KSNEW&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2013-01-31-13-43-46#c562fc4b-d4ea-4385-9554-99dc9fd7dd41

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