The sheikh’s real estate, the confessions of the businessman of the year and the inflation of greed

Sheikh bin Zayed and the diamond of Giannis Tzivelis

• With the code name Majestic, the historic neoclassical property at the corner of Dionysios Areopagitou and Makrygiannis is among the most expensive properties currently for sale in Greece by Sotheby’s International Realty. With a built-up area of ​​2,100 square meters on a plot of 480 square meters it is being sold by its current owner, the Sheikh of the Arab Emirates, Tahnoon bin Zayed Al Nahyan, for 48 million. In other words, it is given for neither more nor less than 22,000 euros per square meter. The property was once the crown jewel of the investor’s real estate empire Yannis Tziveliwhich was shaken by the pressures of the Greek debt crisis and the deep recession it brought. The price, however, is typical of how quickly the values ​​have risen in the center of Athens and, on the other hand, where the prices for other even more privileged properties are headed. It was bought in 1979 by Tzivelis for $1 million according to the urban legend surrounding the building. Sellers were Greek-American expatriates. Four decades later, in 2017, the Alpha Bank, from the creditors to whom assets of the Tziveli group were transferred, he was asking for 20 million, a price that was later adjusted to double levels, to 40 million. It was not sold then, but in 2020 it finally passed to the sheikh of the Emirates. Today, three and a half years later, it is sold for 48 million. The 22,000 euros per square meter may even seem an attractive price to some, given that on the other side of Zappeion and the National Garden, in the area of ​​the palaces, the prices for high-quality mobiles like this have even reached 40,000 square. In other words, in terms of investment performance, the property increased its value 40 times within 40 years.

The secret of success

• With particular willingness both during the press conference for the EY Hellenic “Entrepreneur of the Year” 2023 institution, as well as on the sidelines of it, answered the Eftichis Vassilakis to the journalists’ questions. He himself, as the managing director of the Vasilakis group, won the distinction EY Hellinas “Entrepreneur of the Year” 2023, which is also the highest in the competition held every two years by EY. So he said, answering a question from “K” about the most difficult moments when they didn’t let him sleep at night. “I will tell you that since 2000, at least 30% of the nights I don’t sleep well. Certainly this started in the first years of my tenure.” Mr. Vasilakis, who also holds the position of president at Aegean, reviewed the airline’s three difficult cycles. Aegean that is, during the first five years, it had to adapt to the conditions of the liberalized market. Then he had to deal with the Greek crisis that occurred in 2010, while at the same time the privatization of Olympiaki took place. The third cycle concerns the pandemic, where “from +100 million euros in results, we went to -300 million euros with a turnover loss of approximately 2 billion euros within 18 months, compared to previous years.” In order to deal with a crisis, it is necessary to have a resilient structure in place and to have financial reserves, so that a business, especially one with capital and personnel intensity, is able to face a long-term intense difficulty or inactivity, as he said. “Certainly when the next crisis comes, when there have been two or three, you don’t see it as the end of the world and you slowly gain the courage to go ahead in 2-3 moves, lest you balance the losses later.” Answering a question about how he prepares for the next crisis, he jokingly said: “By walking and dieting.” During his statements, the reference to his parents stood out. “We are a service group, a 60-year-old family business, which started with the efforts of my mother and father. My mother (s.s.: Emmanuela Vasilaki) still works today, she is also the president of the board of directors of Autohellas. I had the great pleasure of working for many years with my father (s.s.: Theodoros) and my mother. […] Aegean started when my father was 52 and mine was 32″. I had the opportunity to combine the culture of the people, his vision (s.s. of Th. Vasilakis) and combine them with my own more technocratic, perhaps data-backed, strategy. The older I get, the more I believe that the whole value of an organization is what culture it creates,” he said.

The dynamic comeback of the Filippou family in ice cream

• Those of you who went on holiday last summer in the Peloponnese may have managed to get an ice cream cooler STAY. These Italian ice creams are brought to Greece by EMFI, as it is said since 2019 h EVGAthe well-known company of the Philippou family. This year, however, the distribution of the ice creams will be nationwide. In fact, the company has also entered into strategic partnerships with the companies Ferrero and Bonduelle, also at a nationwide level. The importance given again to ice cream by the Filippou family (in 2010 it had sold its brands to Unilever) can also be seen from the fact that the 1st Panhellenic MENNE Ice Cream Conference was also attended by the president of the company, Mr. Kyros Philippou. In 2023, moreover, the company increased its share capital three times, with the total increase amounting to over 12.5 million euros. You don’t talk much…

The “no” of the new generation

• Another company, however, that was thinking about entering the ice cream business, but will not do so in the end, is the MEVGAL. As the column is informed, the idea fell on the company’s table, but the younger generation of the Hatzakou family, and especially Konstantinos Papadopoulos-Hatzakos who is also the managing director, disagreed and was thus dismissed. We do not know what was the opinion of the company’s shareholder as well Spyros Theodoropoulos. However, he has the role of mentor for Konstantinos Hatzakos.

The Italian model

• Her glory Georgia Meloni the Minister of National Economy was jealous Kostis Hatzidakis, which seeks to adopt the Italian zero-fee model in card microtransactions. The matter is in full swing with successive meetings with those involved, who, while grumbling about the possibility of reductions, will apparently not avoid drinking the glass of this. The “tsar of the economy” may not embrace his predecessor’s tactics of biennialism, but he has a system and a method. Let’s see…

The asymmetric reflexes of banks

• The latest report published by the KEPE with the catchy title “Inflation of banking greed” had everything. Findings for “unprecedented” widening of the interest margin of Greek banks, for “asymmetrical reflexes” in interest rate increases between loans and deposits, for “colossal increases” in the net interest margin in our country, for “high concentration and low competition” in banking system and for “myopic behavior”. He concluded with an exhortation to banks to take advantage of “the unique opportunity and the impressive earnings of the 2022-2023 biennium to strengthen its supervisory capital and accelerate the amortization of deferred tax, rather than focusing exclusively on gallant dividend policies.” No comments.

Its net profits exceeded 7 million euros

• An increase of 17.13% in turnover (€67.33 million), 22.95% in pre-tax profits (€9.41 million) and 24.67% in net profitability (€7.08 million) was shown by Microsoft Hellas in the 2022/2023 financial year ended 30 June 2023. Revenue from commissions, which amounted to €49.4 million, relates mainly to promotional services for Microsoft Corporation’s products in Microsoft Ireland and showed an increase of 15.95% compared to immediately preceding use. Revenue from services (€17.9 million) refers to the support and development of Microsoft Corporation products. As for the Microsoft Operations 4733 Hellasanother subsidiary of the American giant in Greece, the fiscal year 2022/2023 closed with a quadrupling of turnover (€2.66 million) and net profits of €1.85 million.

Guarantee of the development of large infrastructure projects

• Economic activity in Greece is expected to continue to move upwards in 2024, benefiting from the implementation of the European RRF, according to management estimates Titan. The construction sector is estimated to continue to move upwards, with the implementation of many large-scale infrastructure projects, such as the Patras-Pyrgos highway, the new airport in Kasteli, Crete, and the highway that will connect the east to the west of the island , the level crossing in Thessaloniki, as well as several other infrastructure and property development projects across the mainland. The group will also expand its products by leveraging the more than 150 million tonnes of aggregates, pozzolan and perlite it has recently acquired. In addition, the expansion of the concrete distribution network is expected to further enhance profitability in a developing country in residential, commercial and tourism projects.