HRADF (Hellenic Republic Asset Development Fund): Planning and Technical Due Diligence

HRADF (Hellenic Republic Asset Development Fund)  was established in 2011 and constitutes the Greek Government fund that exclusively handles the sale of all state assets (including properties) committed to be offered to investors as part of the EU-funded bailout package. HRADF aims to create a portfolio of about three thousand properties (mostly in Greece) with an estimated value of €10 billion to be sold/long leased to investors.

HRADF has retained 7 banks to handle the property portfolio with each of the banks employing a Technical and a Legal advisor. VALEUR played a leading initiating role in the project and was  the Technical Advisor of  IBG (Investment Bank of Greece).

This on-going project is probably the biggest real estate ongoing consulting project n Greece and entails the following: Pre-selection of properties from large databases at various state entities. full Legal and Technical (planning) due diligence for selected properties, proposals  for and supervision of the implementation of legal, planning and administrative changes in order to maximize the development potential of selected properties, evaluation of alternative development options, marketing or properties, preparation of property-specific zoning plans (“ESXADA”), structuring of the offering to investors through tenders, either as single properties or as portfolios, for either outright sale or long term lease under the related new specific legislation.

VALEUR has completed over 20 full Technical Reports and 200 short inspections for properties in the context of this project. In addition, VALEUR was a part of the IBG’s team assigned to structure and market to investors the disposition of a 40.000 landholding in Spata, Athens – deal initiated by VALEUR. Finally, VALEUR completed the valuation of a 6.000m2 plot of land in Cyprus in the context of a 6-property European valuation project assigned by HRADF to DTZ.