OTE announces dissolution of real estate subsidiary

OTE Properties, a subsidiary of Hellenic Telecoms (OTE) Estate, will be liquidated, according to a decision taken at a general shareholders’ assembly of the listed telecoms company.

OTE Properties, established to manage property investments of the formerly state-run telephony company, was awarded an operating license in June 2008 by the Athens Stock Exchange, with a deadline of Oct. 7, 2011 to float its shares on the bourse.

The parent company, in an announcement, cited the current financial and economic climate, plagued by a lack of liquidity and lack of investors’ interest, along with a surplus of commercial properties, as impeding the development of real estate companies and investments.