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Greece to Sell Horse Racing Land, Betting Company Separately

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Jan. 25 (Bloomberg) -- Greece will sell the betting operations and real-estate assets of its Hellenic Horse Racing Company separately, with the aim of appealing to a wider range of investors, said Costas Mitropoulos, chief executive officer of the Hellenic Republic Asset Development Fund.

“We’re going to split the horse betting and racing operations from the real estate,” Mitropoulos said today in an interview in his Athens office.

The company, known as ODIE, has exclusive rights in Greece for betting at racetracks. The company moved to Markopoulo, south east of Athens, in 2003 to new facilities designed to serve the 2004 Athens Olympic Games.

ODIE owns part of the plot of land that houses an equestrian center and a racetrack, Mitroupoulos said. “We’ll sell the company and it will rent the horse track and when we decide what to do with the land, we’ll put it on the market.”

Credit Agricole SA and its Greek unit Emporiki Bank SA are financial advisers for the privatization of ODIE and Dryllerakis & Associates are legal advisers.

To contact the reporters on this story: Paul Tugwell in Athens at ptugwell1@bloomberg.net; Sharon Smyth in Madrid at ssmyth2@bloomberg.net

To contact the editors responsible for this story: Jerrold Colten at jcolten@bloomberg.net; Andrew Blackman at ablackman@bloomberg.net

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