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Two properties of the Greek National Social Security Fund rented to become hotels

The tenders for two properties of the National Social Security Fund (EFKA) in the center of Athens, were awarded in much higher amounts than the foreseen as minimum monthly rents.

The first property is a five-storey building of 8,453.08 sq.m., on 41 Stadiou Street in Athens. The property was rented to the Brown Hotels chain for a monthly rent of €55,000. Brown Hotels will rent the property for 15 years with the possibility of extension for another five years, without a new tender.

The second property is a 1939 building of 1,854 sq.m., on 7-9 Zalokosta Street. It was rented for 30 years with the right of extension for another 10 years, to the COMPANY OF HELLENIC HOTELS LAMPSA for a montly rent of €34,000, which is double the amount of the minimum rent provided by the tender. The investor has committed to carry out reconstruction works amounting to € 1.2 million.

Original Source: eRed.gr

Adaptation/Summary: Kiki Athanasiadis