AADE: Millions of taxpayers are flying from… the roof garden of Pitsili –

You may have wondered why so many fiestas for a building of AADE where all the officials of the government of Prime Minister Kyriakos Mitsotakis, not excluded, flocked to the opening.

The acquisition of the new building of AADE in Piraeus, where they also built a bridge to connect to a pre-existing one, was considered a “cheat” for the government. Since it also has a roof garden for the commander of AADE Giorgos Pitsilis!

Read about it: AADE: Photo contests, ribbons, consecrations and methods Pitsili

But if we take a look at the agreements and the financial data, the picture is reversed and as everything shows it is a significant waste of public money, taxpayers’ money, for millions that flew out the window, or from the… roof garden.

The 36,000 euros wasted by direct commissioning for the opening, where Kyriakos Mitsotakis and the channels were invited, was a pittance.

Read about it: The magic of Giorgos Pitsilis with… cheese pies

The new AADE building that was rented to move AADE services is the former Athens Heart shopping center at 180-186 Piraeus Street, which languished during the memorandums. Let’s review the moves to date:

Purchase and renovation

In 2022 it was bought by the company Premia Properties instead of the amount of15.7 million euros. The company took out a loan 18 million euros from the Recovery Fund to renovate and add more square footage. Overall 33.7 million euros.

The weird stuff starts after that. The AADE, i.e. its commander George Pitsilisdecides that he must rent the specific building and issues a “photographic” notice.

Hire

On May 20, 2023, Premia Properties announced, as listed on the Athens Stock Exchange, that it signed a lease agreement for housing the central services of AADE through its 100% subsidiary Primalaft Athens.

First interesting observation is that the agreement was signed before the renovation and construction of the new office building is completed, which according to the forecasts would be completed at the end of the second quarter of 2024.

Second observation is that the lease is for 12 years and the total rent for each year amounts to 4.382 million eurosfor the office spaces, and 92 parking spaces.

The company in the announcement states that it retains and expects additional revenue from the additional approximately 500 parking spaces available in the 3 underground parking lots of the existing building, which will be upgraded to meet modern electrification needs.

“Opportunity”

The building which was considered an “opportunity” by the Mitsotakis government and was rented out for the sum of 4,382,000 per year, i.e. 365,000 euros per month, will cost the State 52,584,000 euros in total for the next 12 years.

The lessee company gave approximately 33,700,000 euros and will collect a total of 52,584,000 euros, i.e. 18,884,000 euros more. There may be more as there is provision for renegotiation of the rent. Such a real estate investment return in such a short period of time is considered rather unrealistic.

Who was it an “opportunity” after all?

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