Properties

Mass Marina sale considered by Greek Government

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Marinas and ports included in fire sale of state assets being considered by Greek leaders

A series of government-owned marinas in Greece are set to be included in a massive fire sale of state assets being prepared by the beleaguered Mediterranean country.

Greece hopes to raise €50 billion (£43.5 billion) by 2015 by selling off chunks of state real estate like ports, marinas and regional airports, as well as enterprises like the country’s postal service.

The country is under pressure from its bondholders and other European countries not to default or restructure its debt, and hopes the sale will make a dent in its €350 billion of state borrowing.

It’s not known at present which marinas or how many are being considered for sale, but according to Greece’s Ministry of Finance, investors for the sites are already being identified.

“Starting in 2011, private investors interested in equipping marinas in Greece with modern tourist infrastructure will be identified and appropriate investment structures set up,” the department said.

Source: www.minfin.gr/portal/en | www.mby.com

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Norberto Moreau is publisher and Co-Founder of the group Allied Management Ltd (Hong Kong, London, Valencia). The group has a network with associates in Yachting, Properties and Online Services.