Spain 
Italy 
Greece 
Red Cross to Sell Three Buildings in Bid to Unload “Excessive Assets”
30 May 2018
The Red Cross is selling at least three buildings in an operation that aims to reduce the institution’s annual deficits. As of yet, no interested buyers have appeared.
To reduce the imbalance in the organisation’s accounts, the Red Cross is “selling assets deemed excessive.” At least three buildings are being considered, though the institution’s president declined to disclose potential sales figures. In statements to Correio da Manhã, Francisco George confirmed that as of yet, no buyers had expressed an interest.
The buildings are located in Loures (Prior Velho) and Lisbon (Rua Raquel Roque Gameiro and on Avenida José Malhoa). The sale of the latter property would occur through the transfer of its contract with the bank since there is an outstanding loan.
Although he declined to comment on the amount of the annual deficit that the institution intends to bridge with the operation, Mr George stated that staff costs have already been reduced by 30% through transfers and layoffs. Revenue from the property sales would also make a very positive contribution to reducing the existing imbalances.
According to the Correio da Manhã, the institution’s head-office showed an annual deficit of about one million euros in its accounts. One possible reading for the timing of the sale is that the Red Cross is attempting to take advantage of the recent highs in the real estate market to sell their properties for a larger gain than would otherwise have been the case.
Original Story: Economia Online
Translation: Richard Turner