In order to effectively carry out the said valuation process, the Hellenic Public Properties Co. (HPPC) will assign groups of real estate securities to real estate appraisers, who will review those properties and make the said valuations.
Given the diversity of the portfolio, the challenges to be addressed,/the data verification work to be undertaken, the segmentation methodology into these groups as well as the relevant criteria, will be defined and tested through this pilot project.
The process will start with five hundred properties of the Hellenic Public Properties Co. (HPPC). During the pilot project, the Contractor will test a methodology for categorizing and segmenting the sample of the real estate portfolio, perform on-site inspection / on-site assessment and evaluation.
It will also consider the relative costs taking into account the effort required to carry out a review and assessment of the Superfund's portfolio and propose the criteria of the methodology to be applied to segment it with the aim of covering the whole of the Superfund's portfolio.
The Contractor should carry out mapping, thorough evaluation and appraisal of five hundred real estate titles of the Hellenic Public Real Estate Company.
The Superfund in collaboration with the HPPC may increase the number of assessed assets from five hundred to one thousand.
The properties will be selected using an appropriate sampling base, the definition of which will be agreed with the Superfund, with the aim of covering all possible sizes and classes of assets.
The initial segmentation criteria that will be used will be the subject of an agreement between the Superfund and the Contractor and will include at least the following elements:
- Location (urban vs. rural, etc.)
- Size (in sq.m.)
- Type (urban land, rural land, apartment, house, shop, etc.)
- Use (commercial, residential, agricultural, etc.)
- Properties of a special type (ski resorts, thermal springs, etc.)
- Occupied properties versus vacant properties
- Data availability or not / Complete – not Complete files
- Complexity and effort required to assess the condition of the properties (eg complex case, medium complexity and simple cases).
