To start this interview, can you introduce the readers to ETAD? What is the organisation’s role and mission in Greece?
The role of the Public Properties Company of the Hellenic Republic (ETAD) is to manage and exploit a large and diverse portfolio, consisting of real estate assets, from greenfield assets to apartments, hotels, buildings, warehouses and marinas, that are located across the country. Thus, one of the top priorities of the company is to increase revenues stemming from the long-term use and sale of these assets as well as to manage a healthy portfolio that can drive the long-term sustainability and targeted returns of the firm. In addition, ETAD should promote the necessary investments that foster the economic development, both at local, regional and national levels, as well as assess existing strategies and implement alternative real estate plans that are beneficial for the Greek economy, the society, and its shareholders.
Considering your recent appointment to the top job at ETAD, and that you have just landed, what are your impressions thus far and have you had a chance to pinpoint your initial priorities to kick-off the new decade?
The new priorities of ETAD are fully aligned with the new Government’s plans for the increase of the valuation of ETAD’s portfolio, for the attraction of new investors in the Greek real estate environment and to drive even higher the Greek economy. Thus, our key challenge is to enter into the new decade with a new vision and strategy for the country. In this endeavor, ETAD and the exploitation of its real estate assets have a crucial role to play. In the past, however, we did not utilize our potential to the fullest, so we expect to go at least a step further. Our vision is to challenge and change this low risk/return mentality and transform ETAD into a modern real estate company that will prioritize the utilization of its assets on a cost/benefit basis, but also take into account its social impact to the local societies. In order to do this, we need to undertake a major internal restructuring, evaluate past strategies and optimize our new ones, review our returns & long term vision of our ongoing projects, and mainly, enhance ETAD’s strategic role and support to the Government’s effort in order to attract new capital to the Greek real estate market…
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