How will the new real estate investment company of the Funds operate

By Dimitris Katsaganis

Countdown for the establishment of a Real Estate Development Company of e-EFKA “runs” after the completion of the public consultation of the bill of the Ministry. Of Labor, Mr. Kostis Hatzidakis for modernization of the insurance overdrafta on the public consultation platform. The bill is expected to come to Parliament at the end of this month and be voted on next month and immediately after it will be implemented.

According to the provisions of the bill, the company for the development of the real estate of the funds is governed by the provisions of of public limited companies and adopts and applies rules and corporate governance policies of public limited companies.

It will be based in a municipality defined in its articles of association, but by decision of the Board of Directors of the Company it is possible to establish branches, branches or other forms of secondary establishment of the Company.

The sole shareholder of the Company is e-EFKA. The share capital of the Company will be defined in its articles of association, will not exceed 1 million euros and will be covered by the above sole shareholder. The payment of the Company’s capital and any increase thereof are exempt from the capital accumulation tax. For the determination of the share capital and the resources of the Company, an economic-technical study is prepared by the e-EFKA within a period of 6 months from the entry into force of the present.

What will apply to the shares

The shares of the Company are common, registered and are incorporated in an inalienable shareholder.

The Company operates for the service of the public interest and the interest of e-EFKA, according to the rules of the private economy.

The mission of the Company is the utilization of the real estate of e-EFKA in accordance with the principles of good management, transparency and sound business logic. The aim is to ensure and maximize the value, income and financial performance of e-EFKA real estate, through its rational management, exploitation and disposal.

Purpose

The purpose of the Company includes, among others:

– THE lease, lease and in any conventional form concession of the use of real estate placed under its administration and management.

– THE sale and general disposal of the real estate managed and managed by it. The establishment, transfer and assignment of these real estate rights, including the establishment of a surface right, in any contractual form and type.

– The concession with or without consideration of the use of the real estate that he manages and manages, as well as its own real estate, for public, journalistic, public benefit, social, charitable and humanitarian, non-profit purposes and for the service of the public and the social interest.

– THE inventory, mapping and cadastre from the Hellenic Land Registry of e-EFKA real estate and estimating its value. Keeping a record of the real estate of e-EFKA and its property titles.

Acceptance in the name and on behalf of e-EFKA of concessions, donations, inheritances and real estate bequests. The representation of e-EFKA in the expropriation procedures in its favor.

– The elaboration and assignment of studies for the utilization of the real estate of e-EFKA. The elaboration and assignment of financial, technical, economic-technical, construction, supervision, administration, organization and management of real estate and technical projects, studies of renovation and restoration works of real estate, and every design and consulting project, work and service, for the owned real estate .

– The assignment and undertaking, supervision and construction of technical projects, construction, electrical, mechanical, industrial, energy, plumbing, modernization, renovation and restoration of real estate, and any kind of construction project for the real estate he manages and manages.

Management and utilization of real estate

The Company will undertake the administration, management, exploitation and disposal of the real estate of the Electronic National Social Security Agency (e-EFKA), after a certificate of the Minister of Labor, which is issued after the approval of its Rules of Operation.

The ownership status of the real estate of e-EFKA, which is under the administration and management of the Company, is not affected. The ownership of the real estate of e-EFKA remains with e-EFKA, which retains its rights in it.

The utilization of the properties by the Company is done according to business plan which includes indicative quarterly targets, which is approved by the board of directors, following the opinion of the Investment Committee.

The Company is provided with the mandate and power of attorney, and, in general, the power to represent e-EFKA and to attempt in its name and on its behalf every legal act, to exercise every right, as well as every legal and material act of administration, management, exploitation and disposal of his real estate, conducting cases concerning this property. Respectively, the Company acts as a trustee and representative of e-EFKA and for the fulfillment of its obligations from its real estate. The Company itself exercises the rights and claims of e-EFKA, from its real estate, real estate and obligations, private and public law. The results of the operations and actions of the Company for the real estate managed and managed by it come in the name and on behalf of e-EFKA.

The company represents e-EFKA in court and out of court in any lawsuit that has as its object its real estate, real estate, obligations and all kinds of rights in it, in claiming, securing and protecting it and in general in every case and legal relationship. concerning her. The company is legalized as a party and has the right to seek judicial protection itself, exercising any legal aid, legal remedy and acting any procedural act in the name and on behalf of e-EFKA, for any case concerning its real estate.

Exceptions

The administration and management of the real estate of e-EFKA is excluded from the scope of application of the law on the manner of action under Legal Entities under Public Law (NPDD), supplies, leases and leases in general, purchase or sale of real estate, sale of movable property and sale of movables , but also the law concerning Public Procurement of Works, Supplies and Services, without prejudice to the provisions of Union law, and any other provision governing the administration, management, exploitation, acquisition and disposal of real estate of legal persons under public law, legal persons private law, public enterprises and bodies belonging to the public or the wider public sector, as defined in each case.

In the context of planning and implementation of the investment policy of the Company, the task of the Investment Committee is to formulate a proposal regarding:

– The company’s business plan based on portfolio valuation, investment analysis and cost-benefit analysis of the different utilization options, in combination with the selection of appropriate benchmarks.

– The appropriate methods of monitoring the operation of the real estate development and the submission of periodic reports and reports to the board of directors on its performance.

– The contracts concerning the utilization of an asset of value above specific limits, set by the Rules of Operation.