Superfund: Fast track valuation for 77,000 properties

The Superfund will begin the valuation of the State’s assets from properties. The utilization of properties belonging to the companies in its portfolio tops the list of to-do’s and therefore a pilot fast track valuation program of the first 1,000 properties of the Hellenic Public Properties Company (HPPC) is starting this year. The competition for the Framework Agreement will begin in 2023. This will square away the approximately 77 thousand properties that are under the umbrella of the Superfund.

Essentially, the valuation of the assets is one of the pillars of the Superfund’s three-year plan.

The recording and evaluation of the first 1,000 HPPC properties within 2022 (the goal is to reach at least 70%) will be the guideline for the categorization and breakdown of the entire portfolio. Based on this categorization, the strategy for each property group will then be drawn up. It is noted that the bulk of the real estate, about 70 thousand properties, belongs to HPPC, but real estate is still owned by other state agencies.

Which assets can be used?

Essentially, the recording and categorization of the properties will contribute to the evaluation of which of them can mature, so that they can be exploited, but also what at what stage of maturation they are at, since, often, serious or even insurmountable obstacles, such as squats, crop up. It is estimated that around 27,000 of these properties are encroached upon. At the same time there are also practical issues, such as that a property no longer exists, because it was torn down or appropriated to become part of a roadway.

The main valuation menu will come in 2023 with the start of the competition with the framework agreement method for all properties. Roughly speaking, the Superfund will issue a call to the market and each participant will take over a group of properties, do the registration with their own appraisers and for each group that is delivered, another group will be assigned to them. This method has been chosen so that things run quickly, without delays. As this process progresses, the property groups that will now be registered and identified will proceed to valuation.

The valuation of all businesses belonging to the Superfund will proceed by 2023. The ultimate goal of this whole process is to create a clear record of assets and update the maturation and exploitation processes.