Reds submits highest bid for former U.S. military base in Crete

Greek developer Reds has offered the highest bid for a sprawling former U.S. military base on the island of Crete at 40.2 million euros ($45.40 million), Greece's privatisation agency (HRADF) said on Monday. In line with the tender's rules, it then asked two bidders, Greek developers Dimand and Reds, to improve their offers via an e-auction on Dec. 6.

Greek developer Reds has offered the highest bid for a sprawling former U.S. military base on the island of Crete at 40.2 million euros ($45.40 million), Greece's privatisation agency (HRADF) said on Monday. Four investors bid in October to acquire the 85-acre plot in Gournes, outside the city of Heraklion, and turn it into a seaside tourist resort with an entertainment park.

HRADF, which is handling the sale, intially chose three of them and last month unsealed their offers. In line with the tender's rules, it then asked two bidders, Greek developers Dimand and Reds, to improve their offers via an e-auction on Dec. 6. Reds' 40.2 million euro bid was the highest in the auction, HRADF said, adding that its board will meet soon to ratify the result.

The euro zone's most indebted country has raised more than 7 billion euros ($7.91 billion) from state asset sales since HRADF was set up in 2011. ($1 = 0.8855 euros)

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