The REIC's management -according to sources familiar with the REIC- is preparing to appeal against the Greek government's decision to fine the company "based on a 30 days deadline given by the law". The aim is to gain time in order to prepare its legal arguments on the imposition of fines, if not something more.

The latest development on the case -for the project that has opened its doors to visitors in 2019 on Falirou Street- is that the Municipality of Athens through its Building Service has observed the hotel's premises and has arbitrarily concluded that the hotel's roof (pergola, patio, 193 sq. m of closed spaces, planted roof), the tenth floor (area 360 sq.m), the ninth floor (area 392 sq.m), the eighth floor (area 347 sq.m) and half of the seventh floor of the building (area 145 sq.m .m) should be demolished. 

In fact, based on the above, the fine reaches €4.71 million for construction and €2.35 million per year for maintenance. It is recalled that the characterization as "arbitrary" for the Blé Kedros REIC building came shortly after the decision of the Compliance Committee of the Council of State (StE) which said that the Municipality of Athens was the only one that had not complied with the decision of 2019, canceling the building permit and revising it as to the height of the building which is 33 meters instead of 24 which was most of the buildings in the area based on the 1955 decree.

Add ins the REIC's higher management

The above issues, however, will be asked to be carried out by the new Financial and Administrative Director of REIC, Katerina Petropoulou, who recently assumed her new duties at the company. Ms. Petropoulou holds a Degree in Organization and Business Administration from the University of Piraeus. She is a member of the Economic Chamber of Greece and has more than 30 years of experience in similar positions.