Money, Chinese Invasion, and Scary Images from OAKA Are Going Down the Path of Disinvestment

Money that entered the country in the last decade is in the process of being withdrawn from investment.

• The years have passed, and with them the time horizon of many of the investments made by the big foreign private equity funds has run out. Most of them reached their lowest point during the Syriza government, and are now recording large capital gains after restructuring the companies they acquired. So it should come as no surprise to Jerusalemites investing in Greece that the big deal to be announced in the coming weeks is in a strong sector of the Greek economy – not tourism – as foreign investment capital prepares to sell the group it formed after a series of acquisitions to a large sovereign wealth fund in the Persian Gulf.

There is not enough money coming in from outside (to)N time) in Greece

• This would not be the first deal of its kind. London & Regional, Hines, Goldman Sachs and others have sold or are in the process of selling their assets in Greece. The bet is that quality long-term investors will come now. “The problem is that so far the buyers are either Greek – that is, there is no new money coming into the country – or money from Asia and the Persian Gulf, which, no matter how we do it, is not Western, it is of a different nature.” “The regulatory and supervisory framework and the mentality are better than European and American investors,” a Greek banker commented a few days ago. Moreover, most investments are aimed at acquiring existing and operational assets, and little is being invested in developing new assets, let alone industrial and primary production. A look at the trajectory of foreign investment flows over the past few years reveals the problem.

Why was the term of the CMA extended?

• The term of the Capital Market Authority’s leadership has been extended until the expected procedures for selecting a new management begin. The term of the Authority’s Board of Directors would normally end at the beginning of September, but it has been decided to extend it for at least six months. On the one hand, because the current Chairman and the Vice-Chairmen enjoy the confidence of the Ministry of Finance and Maximos, and on the other hand, the coming period will be crucial for the stock exchange due to important transactions expected to take place in banks, energy groups and real estate development companies, as well as due to the efforts to upgrade the Greek market from developed to emerging. Thus, Chairman Vasiliki Lazarakou and Vice-Chairmen Anastasia Stamou and Michael Vikas will remain in office at least until 2024. The Authority’s Board of Directors consists of seven members. The Chairman and Vice-Chairmen are appointed by decision of the Minister of Finance after approval by the relevant committee of the House of Representatives. The remaining four members are appointed by decision of the Minister of Finance.

What is G. Tsaras doing in the port of Thessaloniki?

• According to market circles, the increase in Ivan Savvidis’ influence – and the decrease in that of his French partners in CMA – is indicated by the change of the managing director at the Thessaloniki Port Authority.
  The reason is the former CEO of THA from 2004 to 2010, Yanis Tzara, who now holds the same position, after the resignation of his predecessor, Ari Kobilar.
  Naturally, the first word on the port of Thessaloniki belongs to CEO Thanassis Liangos, an executive with many years of experience in the port and shipping industry.
  Of course, G. Tsaras also has experience, since, among other things, he was CEO of THLP during the 2009 privatization tender (government of Costa Karamanlis), which was eventually aborted (government of Giorgos A. Papandreou).
  At that time, it was announced that the Hutchison joint venture with the Lavrentiadis Group was the preferred investor. A group that was eventually joined by G. Tsaras himself since 2010, who had been removed from ΟΛΤΥ until now as General Manager of PFIC (the former phosphate fertilizer industry in Kavala).

Chinese invasion

• As of September 1, the limits for purchasing property via the Golden Visa will increase significantly to €800,000 in Athens, Thessaloniki and popular tourist destinations and to €400,000 in the rest of Greece, with the aim of stopping the huge wave of property sales to foreigners.
  However, the “damage” has already been done. For example, during this period when students are looking for housing in major urban centers, quite a few tenants find themselves contracted by Chinese landlords. Not only that, but they have to deposit their rent with Chinese banks such as Oversea-Chinese Banking Corporation Limited. In other words, a substantial part of household spending directed to the studies of their younger members is being directed, directly, out of the Greek economy.

the new Logistics center From the Sclavenitis group

• Ten Brinke is realizing the logistics center on behalf of the Sclavenitis Group, on a plot of land of approximately 42,000 m2. In Majola the building consists of: a ground floor section with a coverage area of ​​16,800 m2, and a two-storey section with a coverage area of ​​8,400 m2.
  The cold veneer has already been delivered to the Glaros paper mill of the Sclavenitis Group.
  Industrial production of ready-to-eat meals will be moved to Majola facilities.
  It is noteworthy that Avra ​​Production of Meals was created last month with a change in the articles of association of Mandral Storage Properties, which was founded in the spring of 2021 by the Sklavenitis family.

New works by Michaelis Arambatzis

• Arzy Bakery is the new company created by Michalis Arabatzis, known since the creation of Hellenic Zymi and which came under the control of the Vivartia Group at the end of 2021.
  Artzy Bakery will be active in the production of fresh bread, pastries and desserts.
  We remind you that the active businessman, together with his family, launched the Arabatzis logistics company based in Sindos last November.

“to lift”

• The images accompanying the release of the tender for the renovation of the OAKA competition pools are chilling. For example, in the swimming pools of the athletics center, there are serious oxidation problems, where corrosion has progressed to the point of almost destroying the concrete. The Strategic Contracts Unit of TAIPED is seeking to repair this damage, which has announced a tender for the project worth 3 million euros, with the aim of carrying out the structural renovation and strengthening of the OAKA swimming pools, which were built 20 years ago. Previously a model sports facility…