• FUND
  • Founding Law
  • Mission and Vision
  • Organizational Structure
  • Reports and Programs
  • Hellenic Corporation of Assets and Participations

According to the Law 3986/2011, the Hellenic Republic Asset Development Fund (HRADF) leverages the private property of the State, which has been assigned to it, according to the country's international obligations and the Medium-Term Fiscal Strategy.

In close cooperation with the Greek Government, HRADF promotes the implementation of privatizations in the country, having full responsibility for the application of the respective policy.

The privatization program is already in progress and its sole mission is the maximization of development, by attracting direct investments in infrastructures, energy, real estate and other fields, while achieving other important benefits, such as job creation, infrastructure modernization and promotion of the necessary reforms.  

The Hellenic Asset Development Fund was established on 1st July 2011, with a six-year duration, which can be extended with the decision of the General Assembly of its unique shareholder, which is the Hellenic Corporation of Assets and Participations (HCAP).  

The assets which were included in the Medium-Term Programs have already been transferred to the Fund and they can be summarized in three categories:

  1. Land Development
  2. Infrastructure
  3. Corporate


In the framework of ensuring absolute transparency conditions the Fund publishes quarterly reports and policies and has internal procedures and policies, published tender Regulation and internal and external auditors.

It is managed by experienced professionals from the banking and business sectors, as well as consultancy and legal services, aided by a Council of Experts, while it recruits experienced international consultants for each project. It uses the most developed project management systems and has adopted a very simple organizational structure, in order to facilitate the immediate decision making process.

The Fund has adopted the Asset Development Plan (ADP), which is reviewed every six months. For its preparation, the Fund has taken into account:

  1. The expected revenues
  2. The long-term benefits
  3. The complexity and maturity level of each project

All communication relating to the Fund will be published on the Fund’s website, in order to achieve full information and transparency.

The Hellenic Republic’s Privatization Program represents a key initiative in attracting direct investments and the key element in re-establishing credibility, itself the basic pre-requisite for Greece's return to global capital markets.
The sole mission of the Hellenic Republic Asset Development Fund’s (HRADF) is to maximize the proceeds of the Hellenic Republic from the development and/or sale of assets. This should be construed as the virtual sum of the proceeds from the transfer of assets to the private sector and the economic benefits from ensuing direct investment in these assets and the opening up of the respective market sectors.
In order to support the Hellenic Republic’s efforts to move forward, the Fund has established the following three principles: clarity of purpose, transparency of process and speed. These are best served by pursuing clear and market-orientated privatization concepts, by abiding to transparent procedures and by moving fast in preparing and carrying out privatizations.

  • Board of Directors
  • Organization chart

The present Board of Directors consists of the following members:

Lila Tsitsogiannopoulou, Chair of the BoD

Lila Tsitsogiannopoulou has more than 20 years of experience in the investment sector and she is specialized in real estate as well as in real estate management and assessment. She is a Chartered Surveyor (MRICS), certified by the Ministry of Finance, and an Examiner for professional competence.

She holds an MSc in Property Investment and a BSc in Property Valuation & Finance of the City University Business School, while holding a Diploma in Micro-Economics (London School of Economics). She has served as a Senior Executive, responsible for property valuation and property development in multinational companies, in both Greece and abroad (England, Malta, Cyprus), with her main emphasis put on complex development projects. Since 2011, as a Cushman & Wakefield Partner, she has worked with several Institutions and Groups.

She also attended a number of seminars relevant to valuation and consulting services provision held by private entities and Greek university faculties. She is also a regular speaker in real estate conferences and published many articles. 

She was born in 1976 in Thessaloniki; she is married with two children.

Antonios Leousis, Chief Executive Officer

Antonios Leousis was born in Piraeus in 1950. He holds a degree in Civil Engineering from the National Technical University of Athens, where he also tutored for a number of years.

He was the CEO of Alpha Astika Akinita S.A. between 2010 and 2013, responsible for the commercial property portfolio management, repositioning strategies, contract negotiations, while he was in charge of the management of Real Estate acquisition transactions. He was member of the executive committee for the reconstruction and refurbishment of Athens Hilton.

He previously held managerial positions in Ionian Bank for more than 20 years in the areas of real estate and major projects management, procurement etc. He also served as Vice President and Executive Director of AGET – Heracles, head of production, operations, procurement and finance of the cement plants.

During his career, he has held a number of executive and non-executive BoD positions in various companies.

He is Certified Quality Surveyor and Valuator of Real Estate Property as per European and International Valuations’ Standards.

Angelos F. Vlachos, Member of the Board

Dr. Angelos Vlachos was born in 1970. He is a graduate of the Faculty of History and Archaeology (School of Philosophy, University of Athens), holds a Master’s Degree in Contemporary European History from the University of Sussex and a Ph.D. from the University of Athens. After completing his academic research, he gained experience in the international tourism market. Then, he worked in the Ministry of Tourism as a consultant and in the NTO (China office manager). His professional and research activities are focused on tourism strategy and development issues and he has published numerous related articles. He is currently a lecturer in Panteion University.


  • Andreas Trokkos
  • Jean Pierre Philippe

The HRADF is administered by the Board of Directors (BoD) consisting of five members and appointed by General Shareholder's Meeting decision, published in the Greek Government Gazette, for a three-year term, renewable for an equal period of time.

In addition, two representatives appointed by the Eurozone member states and the European Commission are entitled to participate in the Fund's Board Meetings as observers, without voting rights.

The Fund’s operation is also supported by a Council of Experts, persons of wide acclaim, distinguished for their scientific training and professional experience in the technical, economic or legal sector.

These are appointed by a decision of the company’s BoD for a three-year term, renewable for an equal period of time. For an overview of the HRADF’s organizational structure, see the chart at the end of the page.




On 04.26.2016 the Board of Directors of HRADF has approved the updated Asset Development Plan (ADP), which was authorized by the Government Council for Economic Policy (KYSOIP) on 05.25.2016 For further information, please refer to the report, located in the page's "Relevant Files" section.
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The Société Anonyme/ Public Company “Hellenic Corporation of Assets and Participations S.A” (HCAP or “the Company”), which operates in favor of public interest, according to the private economy regulations, serving specific public purpose,  was established by the Law 4389/2016.

In particular, the Company manages and leverages its assets, in order to: (a) contribute resources for the implementation of the country’s investment policy and the implementation of investments which enhance the development of Greek economy and (b) contribute to the impairment of the financial obligations of the Greek Republic, according to the law 4336/2015. 

In order to fulfill its purpose, the Company acts in an independent, professional and business manner, having a long-term vision regarding the achievement of its results, according to the its Internal Regulation, using fully transparent guarantees and with a scope to increase the value and improve the performance of the said assets, as long as the creation of revenues, which are broken down, in accordance with the provisions of this Law.

Furthermore, the Company promotes the public enterprises’ reforms, through restructuring, best corporate governance and transparency, as well as through the promotion of responsible governance, social responsibility, sustainability, innovation and best corporate practices, while it undertakes any action, in order to fulfill its purpose within the framework set by the provisions of Law 4389/2016.


The Company’s direct subsidiaries are:

  1. The Hellenic Financial Stability Fund.
  2. The Hellenic Republic Asset Development Fund, established by the Law 3986/2011 (A’ 152) (HRADF).
  3. The Public Properties Company, established by the Law 2636/1998 (PPCo S.A.).
  4. The Public Participations Company S.A., which is also established by the Law 4389/2016.