EFKA to utilize realty assets
Greece’s main pension fund intends to capitalize on a series of properties it owns in the center of Athens, some of which are considered quite emblematic. The Single Social Security Entity (EFKA) has already announced tenders for long-term exploitation concessions in the past.
The objective of EFKA is the reconstruction and relaunching of its assets, mainly as hotels, while in some cases the possibility of even erecting office buildings is being considered. The minimum amount of investment for the reconstruction of the properties, estimated at around 52 million euros, highlights the volume of the program.
The most historic property that is seen being utilized through a long-term lease is the Schliemann Mansion at the junction of Panepistimiou and Harilaou Trikoupi streets. This is a property built in the 1880-90s by the German archaeologist Heinrich Schliemann, forming part of the complex of four houses he had built on Panepistimiou Street. The 7,115-square meter complex hosts the Ideal cinema in front, while another part toward Fidiou Street is home to the Old Conservatory and has been granted to the Ministry of Culture. Based on the terms of the tender, the concession will be for a maximum duration of 45 years.
EFKA is also soon expected to announce a long-term lease tender for the building of the former Court of Appeal, at 65-67 Sokratous Street, which first operated in the 1960s as the Ambassadeur Hotel. The property of 10,247 sq.m. will be granted for 40 years to reopen as a four-star hotel.
A hotel conversion is also being planned for the EFKA property at the junction of Sokratous and Zinonos streets. The tender has been announced and provides for the submission of tenders by November 30.
Another important tender concerns the lease of a plot of land at the junction of Kotopouli and Satovriandou streets, where the construction (by the contractor) of a multistory office and retail building has been decided.
At the same time, EFKA is also planning the next batch of properties to be utilized and has announced a tender for the recruitment of a consultant.
