The draft law, among other provisions, stipulates the establishment of a Legal Entity under Public Law, under the name “Armed Forces Real Estate Fund” (Greek acronym: T.A.Eth.A.), based in Athens. This new entity will result from the merger of the following existing funds:
- The National Defence Fund (TETHA),
- The Naval Defence Fund (TES), and
- The Air Defence Fund (TAA).
The T.A.Eth.A. shall operate under the supervision of the Ministry of National Defence, through the Hellenic National Defence General Staff (GEETHA). It will possess both administrative and financial autonomy, be legally represented by the Legal Council of State, and maintain an account at the Bank of Greece.
The draft law is structured into three main parts:
The first part aims to enhance the efficiency and rational management of the Armed Forces’ real estate assets through the creation of a single, unified fund, namely the Armed Forces Real Estate Fund (T.A.Eth.A.), consolidating the previously mentioned entities (TETHA, TES, and TAA).
The second part introduces a new public body, the Armed Forces Real Estate Development Agency (F.A.A.E.D.), which will be exclusively responsible for the development and utilization of real estate owned by the Armed Forces. Its mission is to ensure optimal and efficient use of these assets through modern, advanced procedures tailored to current economic and market conditions.
The F.A.A.E.D. is required to prepare a Five-Year Strategic Real Estate Development Plan for the assets entrusted to it by T.A.Eth.A. This plan may be revised at any time and must be supported by detailed technical, legal, and financial studies. It shall include, at a minimum:
- An assessment of the physical and legal status of the assets,
- Scenarios for their optimal development,
- Required preparatory procedures and works for each property, based on the preferred development scenario,
- Investment promotion strategies,
- Complete asset identification data, which will also be published on the agency’s official website.
In cases where the estimated value of a real estate development project exceeds €10,000,000, the Minister of National Defence is obligated to inform the Council of Ministers in advance.
The third part of the draft law introduces provisions related to the adoption and implementation of an Action Plan aimed at meeting the housing needs of Armed Forces personnel.
