After four years of anticipation the first privatization deal is completed in the Greek market in which Colliers played a key role assiting the Greek State by providing its services as independent valuer.
Ana Vukovic, Managing Director of Colliers International Greece commented: “Colliers is proud to have taken part in the first closed privatization deal in the Greek market, acting as a trusted partner of the State. The IBC deal is the first positive news in the history of the crisis and it is Colliers' privilege to have contributed our services to such an occasion.”
It was according to Colliers’ value estimation study that the Hellenic Republic Asset Development Fund, which acts on behalf of the State, completed the first privatization deal of the Usufruct Right on the Exploitation for 90 years of the International Broadcasting Centre (IBC) to Lamda Development as this company was the highest bidder.
The right includes the completion of the north-eastern segment of the entire building of some 14,000 m2 that will accommodate the Museum of Olympic Games with a minimum area of 3,000 m², a space with special systems for contemporary auditorium and theatre of some 1,500 m2, playground, kindergarten and gym, while the remaining space will host some commercial uses, such as cafes, restaurants, retail and offices. The standards, size and concept of the subject project can set a multicomponent destination with high variety of uses and a degree of prestige that will interact with the Olympic Complex.
This is a new chapter for the Athens team as Colliers’ name is associated with the first privatization deal as part of the programme of fiscal consolidation and structural reform. By playing a key and independent role in the privatizations, Colliers holds the know-how and the knowledge regarding legal procedures and market frameworks, trends and prevailing conditions.
This first privatization deal is estimated to be just the first positive news of more to come. Although it is just the beginning, it is expected to speed up privatization projects and plans, sending a message for a business friendly framework that can upgrade the role of Greece and its potential for economic recovery and growth. Ultimately, in the future reviving investment transactions in Greece and stimulating investor sentiments.
Already this privatization deal proves to be a vote of confidence towards the Greek economy and the general perception is elevated through successful examples such us the case of IBC. Greece has a relatively low initial point and plenty of space for reforms that can generate growth and increase the country’s attractiveness and competitiveness and privatizations form an undisputable set of strategic policies towards economic development.