A chateau, offices and land: France sells off state property

9th June 2010, Comments 0 comments

France will sell off 1,700 properties such as a magnificent chateau on the shores of Lake Geneva in its latest cost-cutting effort, the budget ministry said Wednesday.

This latest sale of French state property, part of a programme that began in 2005, will see mostly office buildings, housing blocks and military barracks up for grabs.

But there are a few gems such as a splendid Haute-Savoie chateau with its own private dock on the shores of Lake Geneva and a 1920 luxury Paris villa located in the chic 7th district, not far from the Eiffel Tower.

The property sell-off will take place over the next three years and full details of the assets will be released on a website for potential buyers to browse.

Most of the buildings and land are located in the French provinces with some even in overseas departments.

A budget ministry official said the properties will be sold at market value, but no figure was released on the potential influx in state coffers from the sell-off.

Since 2005, sales of state property have generated more than three billion euros in revenue. Most of the buyers have been local governments which get priority and real estate investors.

© 2010 AFP

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