Greece selects provisional contractor for property acquisition and re-leasing entity

Greece's Ministry of Economy and Finance has announced a significant step forward in establishing the Acquisition and Re-leasing Entity (ORE). The ministry confirmed the completion of the binding offer stage, with 'Christofferson, Robb & co, LLC' emerging as the sole bidder and provisional contractor.

Following the opening of bids, the relevant committees found the submission from Christofferson, Robb & co, LLC to be complete and compliant with the tender requirements. This designation as provisional contractor means the entity will proceed to submit the necessary documentation for ratification. Upon successful verification, it will be declared the final contractor and invited to sign the concession agreement, which will then be submitted to Parliament for ratification.

The selection of a strategic investor to manage the ORE marks the culmination of a multi-layered process. The entity is anticipated to be fully operational by the autumn. Systemic banks are playing a crucial role, actively supporting the initiative with €100 million through direct agreements with the selected investor.

Until the ORE is fully activated, the existing Interim Support Program for vulnerable debtors will continue. This program provides immediate suspension of forced execution on primary residences and offers state subsidies of up to €210 per month for loan installments. This ensures continued protection for vulnerable homeowners while the new entity prepares for launch.