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Greece accepts $31 million bid for island plot
Thursday - 1/31/2013, 1:20pm EST
ATHENS, Greece (AP) - Greece's state privatization fund says it has accepted a (EURO)23 million ($31 million) bid from New York-based investors to develop real estate on the western resort island of Corfu.
It is the first successful deal involving a large plot of state-owned real estate, which accounts for about 50 percent of Greece's ambitious privatization program.
A fund statement Thursday said NCH Capital will be granted a 99-year concession to exploit the seaside plot at Kassiopi. The state will retain ownership of the 120-acre (nearly 50-hectare) forested property, selling what it calls the "right of surface."
The fund said the total investment at Kassiopi is expected to reach (EURO)75 million ($101 million), and will create hundreds of construction jobs.
Greece's privatization program is part of its commitments to international bailout creditors.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)