2024 was a landmark year for the Public Real Estate Company (RTF)—a subsidiary of the Growth Fund—as it marked a period of dynamic growth, strategic investments and the relaunch of emblematic projects. At the same time, a significant improvement in its financial performance was achieved, which translates into substantial support for the national economy and society.

In more detail, during 2024, the implementation of 5 flagship projects was launched, many of which had been "frozen" for decades and were waiting to be developed.

Specifically, the following were launched:

• The development of the Thessaloniki Governorate, with the signing of a MoU of cooperation between the EBRD, the State Treasury and the Presidency of the Parliament. In order to implement the project, the studies for the mapping of the buildings and the surrounding area, structural adequacy and the geotechnical survey have already been completed.
• The reconstruction of the Achilleio in Corfu, with the project being classified as "of strategic importance" and the completion of the tender procedure for the selection of the contractor to update the studies.
• The upgrading of the Caves of Diros, with the designation of the project as "of strategic importance" and the completion of the design update.
• The upgrading of the Parnassos Ski Centre, with the completion of the tender documents and the approval of a grant of EUR 8.7 million from the Recovery Fund
• The inclusion of the Olympic Property - Tae kwo Do - in the plan for the overall redevelopment of the Faliriko Ormos, in cooperation with the Region of Attica.

The rapid implementation of the above is the culmination of a systematic process of corporate consolidation and reorganization of structures and services. At the same time, the removal of chronically problematic leases, debt clearance and a review of the company's financial relationships were achieved, yielding significant revenues from previous years totaling €7m.

Thus, with this new strategy, the EBRD was able to significantly increase its finances. Specifically, operating income reached €68.8 million, an increase of 8% compared to the previous year, while EBITDA almost doubled, reaching €25 million. At the same time, the 11.5% reduction in operating expenses contributed to a further improvement in the company's profitability (the figures are pro forma as the financial statements for 2024 have not been finalized—there may be minor changes).

The improvement in EBRD's operating results was positively recognized for the first time by the European Institutions through the European Commission's Post-Programme Surveillance Report for Greece, confirming the company's significant transformational path.

At the same time, the company's strategy also focuses on strengthening its relationship with society and local businesses. Recognizing its dual role—both as a manager of important properties and as a development agent—the EBRD has adopted a new way of approaching and engaging with local communities. Starting from the Thessaloniki Governorate, it engaged in a productive dialogue with stakeholders and residents in order to identify the needs so that the optimal plan for the sustainable development of the property can be formulated. At the same time, projects such as the restoration of the Italian Barracks in Chania and the Dukissis Plakentias Mansion—which for many years have been seeking a solution—are now, in cooperation with local stakeholders, attributed to their residents, with a view to preserving cultural heritage and strengthening the local economy.

Finally, by engaging in targeted recruitment from the market, the company has formed a highly efficient team and removed those who did not meet the new requirements. These moves had a direct impact on the overall culture of the company, with the GPTW trust index increasing by 30%, demonstrating the strengthening of employee trust and commitment.

ETAD's CEO, Iro Hadjigeorgiou, said, "In 2025 we will continue with the same intensity our consolidation and corporate restructuring actions, with the aim of sustainable growth, optimal and immediate utilization of our portfolio, and enhanced profitability. Based on the initial results of the project to record and value our entire portfolio, the priority is to develop our long-term investment strategy. In the near future, we expect to conclude important corporate agreements and launch new tenders for the development of iconic properties, such as Vouliagmeni Beach, the Uranoupolis Hotel and the historic Asani building in Corfu. At the same time, we will strengthen our corporate strategy and governance and remain committed to prioritising major projects. A new objective is to intensify efforts to upgrade the services provided by our business units, the operation of which is key to the wider development of the destinations and the support of the local community."