Greece's Hellenic Republic Asset Development Fund has completed its first deal for public land, selling the leasehold for portion of Corfu to US investment firm NCH Capital for €23m. The US investment firm, known for its investments in Russia and Central Europe, won the bidding process for the right to develop more than 120 acres on the island of Corfu. It is expected to invest about €75m in the development, which can include nearly 400,000 square feet of space. The deal also included a €2.3m earn-out clause. The privatisation fund said it is in the process of tendering four other projects.