In more detail, during 2024, the implementation of projects was initiated, many of which had been "frozen" for decades and were awaiting their utilization.
Specifically, the following projects were launched:
• The utilization of the Thessaloniki Government Building, with the signing of an MoU for cooperation between the Hellenic Public Properties Company (HPPC), the Hellenic Corporation of Assets and Participations (HCAP), and the Presidency of the Hellenic Parliament. The studies for the building and surrounding area mapping, structural adequacy, and geotechnical research have already been completed for the project’s implementation.
• The reconstruction of the Achilleion Palace in Corfu, with the project being designated as "of strategic importance" and the completion of the tender process for the selection of the contractor for the update of the studies.
• The upgrade of the Diros Caves, also marked as "of strategic importance," with the completion of the update of the studies.
• The upgrade of the Parnassos Ski Resort, with the completion of tender documents and approval of funding from the Recovery and Resilience Fund, amounting to €8.7 million.
• The inclusion of the Olympic Property – Tae Kwon Do – in the overall revitalization plan of the Faliro Bay area, in collaboration with the Attica Region.
The rapid implementation of the above projects marks the culmination of a systematic process of corporate restructuring and reorganization of structures and services. In parallel, the company successfully eliminated longstanding problematic leases, cleared outstanding debts, and reassessed its financial relationships, generating significant income from previous years totaling €7 million.
With this new strategy, HPPC has managed to significantly increase its financial figures. Specifically, operating revenues reached €68.8 million, showing an 8% increase compared to the previous year, while EBITDA nearly doubled, reaching €25 million. Additionally, the reduction of operating expenses by 11.5% contributed to further improvement in the company’s profitability (these figures are proforma as the financial statements for 2024 are not yet finalized and may undergo slight adjustments).
The improvement in HPPC’s operational results was recognized for the first time positively by European institutions, through the European Commission’s Post-Program Monitoring Report for Greece, confirming the significant transformational path the company has undertaken.
At the same time, the company’s strategy focuses on strengthening its relationship with the community and local businesses. Recognizing its dual role—as both the manager of important assets and a developmental agent—HPPC adopted a new approach to collaborating with local communities. Starting with the Thessaloniki Government Building, HPPC engaged in a productive dialogue with stakeholders and residents to assess needs and ultimately develop the optimal plan for the sustainable utilization of the property. Meanwhile, projects such as the restoration of the Italian Barracks in Chania and the Duke’s Palace in Plakentias, which had been seeking solutions for years, are now being returned to local residents in collaboration with local authorities, with a focus on preserving cultural heritage and enhancing the local economy.
Finally, through targeted recruitment from the market, the company formed a high-performance team and removed those who did not meet the new requirements. These actions had an immediate impact on the company’s overall culture, with the trust index GPTW increasing by 30%, demonstrating the enhanced trust and commitment of its employees.
HPPC’s CEO, Iro Chatzigeorgiou, stated, "In 2025, we will continue with the same intensity the efforts of restructuring and corporate reorganization, aiming for sustainable development, optimal and immediate utilization of our portfolio, and increased profitability. Based on the initial results of the project for the recording and valuation of our entire portfolio, our priority is to define our long-term investment strategy. In the coming period, significant corporate agreements are expected to be completed, as well as the launch of new tenders for the utilization of iconic properties, such as the Vouliagmeni Coast, the Xenia Hotel in Ouranoupolis, and the historic Asani Building in Corfu. At the same time, corporate strategy and governance will be further strengthened, and we will remain focused on prioritizing major projects. A new goal is to intensify efforts to upgrade the services provided by our business units, which play a key role in the broader development of destinations and supporting the local community.
