The Greek fund charged with selling state assets will attempt to raise €400 million (HK$3.89 billion) by securitising real estate in a move designed to attract investment to the debt-stricken nation. The Hellenic Republic Asset Development Fund would sell shares in a company with about 300 properties ranging from retail, office and tourism-related real estate, said Andreas Taprantzis, the fund's executive director. The firm will then sell debt backed by the properties. "This transaction is important for investment in Greece and for society, not just because of the immediate returns it will generate, but this will bring money into the real economy of Greece," Taprantzis said. The privatisation fund is tapping into renewed investor demand for Greek assets as the country emerges from a six-year economic crisis. It has completed €1.9 billion of real estate transactions over the past year. Vacant buildings accounted for about a third of the real estate that is being sold by the fund, while another third were occupied and generating rental income, Taprantzis said. The rest was made up of development land, he said.