Power utility PPC plans to soon relocate the company’s headquarters from a central Athens building that has hosted the corporation for 65 years to a former military base several kilometers northeast of the city centre leased out by the National Defense Fund and the Armed Forces Real Estate Development Service through an online auction held yesterday.

As the winning bidder, PPC secured a 50-year lease agreement and the right for a 10-year extension for the property, featuring 22 buildings with a total floor space of 7,582 square meters on a plot of land measuring 18,643 square meters.

PPC, which, according to the auction’s terms, has the right to demolish buildings and reconstruct a new facility, plans to develop new environmentally friendly office spaces hosting its headquarters and most of the company’s Athens-related services. A flagship store is also planned to feature at a ground-level space.

Besides promising increased efficiency, the new PPC facility will also offer financial gains, studies conducted by company officials have shown.

The removal of military equipment at the property and demolition work are expected to be completed by the end of 2020, while construction work should take between two to three years.

The starting auction price for the property’s annual lease amount was set at 1.6 million euros.