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Monday, June 8, 2026

Greek privatizations: Distressed fund manager buys property for € 27.4 million

The “Hellenic Republic Asset Development Fund” sold four properties owned by the Greek state. The properties located in Great Britain, Cyprus, Belgium and Yugoslavia were sold for a total of 41 million euro. The amount is 13.6% higher than the starting prices.
According to Greek media citing HRADF the properties were acquired by:
  • UK Richard Deizt & Marina Nacheva bought the consule’s residence in London for 27.4 million euro
  • Cypriot Tofarco Ltd bought the building in Nicosia for 8.3 million euro.
  • Home Invest Belgium bought the 9-floor building in Brussels for 3.4 million euro
  • KM6 Consortium bought the property in Belgrad for 2 million euro.
According to daily TA NEA, the 810-square-meter property in London’s Holland Park was bought by hedge fund manager Richard Deitz and his wife Marina Nacheva.
Richard Deitz is the Founder, President and Director of VR Capital Group Ltd. “A hedge fund a leading alternative asset manager specializing in global emerging markets and distressed securities,”  one reads on the VR Capital Group website.
Where in funds language “distressed” is being translated with “in need” or “bankrupcty”.
According to his own words Richard Deitz is specialized in sovereign defaults and finding investment opportunities in these events:

“As a hedge fund manager with more than fifteen years of experience in sovereign defaults and restructurings (and a track record of finding investment opportunities in these events), including Greece, I believe that Greek solvency could be re-established with minimal cost to its European partners if the official sector embraces a constructive and creative three-step approach,” Deitz wrote in his article Three steps to put Greece on the road to sustainability published by daily Kathimerini in August 2012.

Greek government sells state properties in order to raise money to pay its debts. Therefore, no need to ask where will this money go…

PS Greece sold each floor of the Brussels building for less than 400,000 euro? WOW! that’s much cheaper than in Athens, Thessaloniki or even Kastoria….

TAIPED is to restart the sale process for two more properties, one in Tashkent, Uzbekistan, and another in Ljubljana, Slovenia, within 15 days, as there no bidders in the first sales process.

2 COMMENTS

  1. And if someone want to contact VR Capital Group Ltd. you can do it at their principle place of business: c/o Walkers Corporate Services Limited
    George Town, Cayman Islands

    • oh that’s the same company? but as it has offices in 3 countries I suppose they pay their taxes too.

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