Greek incumbent OTE has announced plans to proceed with the dissolution and liquidation of its real estate investment company, OTE Properties.
The Hellenic Capital Markets Commission gave OTE Properties an operation licence in June 2008 with the…
Greek incumbent OTE has announced plans to proceed with the dissolution and liquidation of its real estate investment company, OTE Properties.
The Hellenic Capital Markets Commission gave OTE Properties an operation licence in June 2008 with the condition that it lists on the Athens Stock Exchange by 7 October 2011.
However, in a statement released today OTE said it is set to dissolve the company owing to Greece’s lack of liquidity and oversupply of commercial real estate.
This makes it unfavourable for the development of real estate investment companies in Greece, the company said.
“This is also evidenced by the steep fall in the index of listed real estate companies during the previous year,” the statement added.
“Given these developments, a listing of the real estate investment company on the Athens Stock Exchange would not constitute the optimal move from a strategic point, in the context of a value release from the Group’s substantial real estate assets.”
