On Friday 27 April 2001, OTE signed an MOU (Memorandum of Understanding) with the construction companies Hellenic Technodomiki and Aktor for the creation of a join-venture that will develop a plot of land that currently OTE owns.The current Real Estate, which is located in Pallini close to the new airport, will be developed as one of the Media Villages for the Athens 2004 Olympic Games, subject to the Olympic Games Committee final approval.The Book Value of this piece of land is 260 million Drs. OTE will benefit 33% of the asset value in 2004 with a minimum guaranteed amount of 6,35 billion Drs., which is more than 24 times the Book Value.This is the first step towards OTE realizing value from its existing Real Estate Assets. OTE's Real Estate Assets have a Book Value of approximately 150 billion Drs. thus OTE has founded its subsidiary ?OTE Real Estate? in order to maximize the value of its assets.