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Hellenic Tourism Properties Heads for Bourse

The government will float 25 percent of Hellenic Tourism Properties (ETA) by November as part of its state asset sales agenda to reduce debt, eying proceeds of about 150 million euros, ETA officials said during a press conference last month. “The flotation will take place in October or November 15 at the latest. Due diligence has been completed; we expect to raise about 150 million euros,” ETA Managing Director Tassos Homenidis told reporters.

Lead underwriters for the public offering will be EFG Eurobank-Ergasias, Alpha Bank and Commercial Bank with EFG Telesis Finance as the issue adviser.

Hellenic Tourism Properties is the asset-management arm of the Hellenic Tourism Organization. It manages the organization’s real estate including hotels, beaches, camps, casinos, golf facilities and marinas.

The company’s portfolio includes 340 properties, 70,000 hectares in choice tourism locations throughout Greece.

Applying a public-private partnership model, ETA seeks to refurbish assets to render its tourism offer more appealing and competitive. A case in point is the recent privatization of three marinas in Athens and Piraeus in view of the 2004 Olympic Games in the Greek capital, which will bring in 84 million euros to spruce up the facilities. Last summer, the company sold 49 percent of the Mont Parnes casino to a private consortium for 120 million euros.

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