Greece said to set $35 million minimum for London home sale

Page last updated at 05:41 GMT, Thursday, February 7, 2013 - 10:41 EST

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Protesters participate in rally outside the Greek embassy in London.

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Greece set a minimum bid price of 22 million pounds ($35 million) for a London townhouse, one of six overseas properties the government is selling to help pay its debts, two people with knowledge of the matter said.

The Greek consul’s residence in Holland Park will be sold along with real estate in cities including Brussels and Belgrade, said the people, who asked not to be identified because the plan is private. They will be the first outright sales of foreign properties by the Greek government since the onset of the global financial crisis. Bidding for the properties will close on March 19, the people said.

Greece, which has pledged to generate 11.1 billion euros ($15 billion) from asset deals by 2016, has so far raised about 1.8 billion euros, sparking criticism from European officials. Property transactions rather than budget cuts should be used to improve Greece’s balance sheet, Finance Minister Yannis Stournaras said last month. Real estate makes up about 75 percent of the state’s assets.

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