Greek Superfund: The plan for the strategically important state-owned real estate

The Superfund is on track for a comprehensive strategy for the utilization of public real estate. But which properties belong to the Greek State, which public body is their administrator, where are they located, are they utilized or remain vacant, what is their value? To date, these are the million dollar questions, as no one has a complete picture of public real estate assets. The Hellenic Holdings and Property Company (EESYP) and the Ministry of Finance have set a goal to solve the puzzle, in order to draw up a comprehensive management and utilization plan.

The first step will be the hiring of an internationally recognized consultant, who EESYP is already looking for through a call for expressions of interest, to provide high quality specialized consulting services, in relation to the Planning of a Holistic Strategy for Public Real Estate, with the main axes being protection, effective management and utilization. According to the Ministry of Finance, “the main goal of the Strategy for Public Real Estate is the transition of the Greek real estate market from emerging to mature”.

The consultant is called to identify the main categories of real estate with “strategic importance” for the State, on which to focus the strategic plan for their effective management and utilization. For this reason, the analysis will follow a top-down approach, starting from the wider public sector (General Government) and ending with the individual bodies .

It will also identify the main institutional issues that need further investigation and immediate resolution, so that the proposals that are formulated will minimize the institutional risks and help accelerate the maturation of strategically important real estate.

The subject of the specialized consultant

To reach the above, the consultant will start by analyzing the economic environment, the domestic and international real estate market, with an emphasis on the European market. The analysis will focus on key categories of real estate, such as residential, office space, shops, warehouses / industrial spaces, tourism real estate, etc. It will also capture the international and Greek investment environment for real estate development, recording the key domestic and international players, as well as the available sources of funding.

It will also capture the current situation, fully mapping the public bodies that manage the State real estate, the real estate portfolios they have and the management model, in order to identify gaps or obstacles. In order to do this, the existing real estate registers maintained by the institutions will be recorded and evaluated, as well as the data registered per property, such as category, location, area, property and urban status, etc.

Within the framework of the proposals that the consultant will make, technical solutions and instructions will be formulated for the improvement of the Unified Register of Public Property, with the interoperability, for example, of the existing registers and databases, as well as the digitization of the analog files of different actors.

The assignment of the project, with a maximum budget of 150,000 euros, will be made by EESYP and coordinated by the Ministry of Finance, which will be responsible for communicating, collecting and sending all primary data and required information. It will also undertake the organization of meetings between the consultant and the selected public bodies that will participate in the project. The duration of the project is set at 3 months. Those interested can submit their bids until Monday, April 4, 2022, at 5 pm.