Business plan for e-EFKA’s €1.3B real estate portfolio

The e-EFKA Real Estate Development Company has approved the financial offer submitted by Advice Consultants & Engineers P.C. and proceeded with the direct award of the contract for the preparation of a Business Programme for the development and utilization of its property portfolio, as provided for under Article 12 of Law 4892/2022.

The contract is valued at €35,960, including 24% VAT, and will be charged to the company’s 2026 budget. The award followed an invitation to submit a financial offer issued on August 7.

According to recently published data, e-EFKA’s real estate portfolio currently comprises 515 properties owned outright, with an objective tax value approaching €1.3 billion. These assets originate from the portfolios of former social security funds, including IKA, OAEE, ETAA, NAT, ETAP-MME and ETEAEP.

When the special-purpose company commenced operations in 2023, e-EFKA itself referred to approximately 400 properties with a combined objective tax value of more than €1 billion, noting that at least 20% of the portfolio—including properties of significant value—faced major challenges in terms of development and utilization.

The portfolio includes significant properties in some of the most expensive commercial areas of Athens and Thessaloniki, many of which are listed buildings or possess historical and architectural significance.