(Visited 14 times, 1 visits today)
(Visited 14 times, 1 visits today)
  • Transaction / Assets
    Former Military camp Michalis Plessas
  • Seller
    Greek Armed Forces Real Estate Service
  • Buyer
    Public Power Corporation
  • € MM

The Greek Public Power Corporation won the tender for the former military camp in Athens

PPC, the Public Power Corporation in Greece is preparing to leave its headquarters on Halkokondyli Street, Athens and settle in the former “Michail Plessas ” military camp at 211 Mesogeion Avenue. PPC won the online tender for the 50-year lease of the former camp.

PPC submitted the highest bid for the property of 18.6 sq km with 22 buildings. The tender provided for a minimum starting price of €1.6 m as an annual total rent and a five-year lease adjustment rate equal to 100% of the change in the Consumer Price Index on the monthly rent being formed.

PPC intends to construct a flagship building, which will be a landmark for the area. The new building sites will mark the company’s shift to “green” activities. It will be of high energy efficiency and will probably be powered by Renewable Energy Sources.

During the first five years of the lease, PPC will also have the right to pay rent on preferential terms. As the declaration stated that “due to the substantial costs required by the lessee to rebuild, reconstruct and relocate units and services and the cost of investment and licensing they do not have to pay the rent for the first year of the lease, and for the next four years they can pay 50%”.

In addition, the public company will be fully responsible for covering the costs of relocating and operating the military units and other services currently stationed at the camp, with its own exclusive costs. The evacuation of the camp will take place within 12 months of the signing of the contract.

Original Source: Euro2day

Adaptation/Translation: Kiki Athanasiadis

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