In its 3rd Quarter Report (1.1.2012 – 31.3.2012), the Hellenic Republic Asset Development Fund states that it has accelerated the pace of placing assets on the market. The tender process for four more assets commenced, and the first stage of one was completed within the first quarter of 2012.
In order to facilitate the achievement of its targets, as stated in Law 4016/2012, HRADF is developing with the assistance of specialist consultants, an integrated Program Management System (PMS); this is scheduled to go live by end of April 2012. So far all Advisors but six, for all 2012 and 2013 projects, have been now contracted; of the remaining, two are at the final stage of signing by the Ministry of Finance, while four more Advisors (concerning two projects, Trainose and ELVO) are in the tendering process.
During the first quarter of 2012, the following real estate assets have been transferred to the Fund by the Greek Government, to be prepared for privatisation: Afantou (Rhodes), Kassiopi (Corfu), the International Broadcasting Center (IBC) and three more buildings.
During Q1 2012, four projects have been launched: the tender for DEPA/DESFA (February 29th, 2012), in response to which interest was expressed by 17 investors, from 12 countries, the long lease for 90 years of the building of International Business Center (IBC), the leasehold for 99 years of a property in the Kassiopi area, the leasehold for 99 years of a property in the Afantou area.
HRADF initiated a strategic assessment of its banking portfolio in order to formulate realistic privatisation concepts for its assets. The Fund’s CEO has met with the European Investment Bank top management in order to present the complete privatisation programme and to discuss funding of the Motorway projects, currently stalled, as well as with the top management of DG Comp in Brussels, in order to provide an overview of the privatisation programme and develop a mutually acceptable approach to resolving state aid issues regarding assets for privatisation.
In the following Q2 2012 HRADF is planning to put on the market: a. the sale and repo of 28 state buildings, 35% of Hellenic Petroleum shares, 29% of OPAP shares, 74% of the shares of Thessaloniki Water Supply and Sewerage Company, the assets of LARCO, the nickel mining and smelting company, Egnatia Odos concession, 61% of the shares of Athens Water Supply and Sewerage Company, 90% of Hellenic Post shares and a number of small ports and marinas.