Stores of the Marinopoulos supermarket chain are set to go under the hammer next month, in a bid to help curb the negative impact the delays of streamlining have had on the property market.
The time consuming process has also affected the landlords of buildings housing the supermarkets, as they continue to struggle with accumulated debts from 18 months ago, reports Kathimerini.
The drop in property values together with delayed rent payments by Marinopoulos has seen APN Funds Management Ltd’s Zenon Properties SA, who own 16 of the stores and storage spaces, face the prospect of bankruptcy for some two years. They have now decided to sell their portfolio in a tender scheduled to take place next month on February 10.
Delays in rent repayments began in 2014, resulting in debts of €2.4 million and increased significantly to €7 million by June 2015.
While the exact amount owed is unclear, in a recent agreement Zenon Properties accepted a 40 per cent hair cut off the remaining repayments.