The Property Utilization and Management Company of the University of Crete was founded with the P.D. 30 / 9-2-1993 as a special Legal Entity under Private Law.

The purpose of the company is utilization and management of the property of the University of Crete, according to article 3 paragraph 7 of Law 1268/1982. Property means both movable and immovable property that enters the Company from any source, other than that which has been designated for use in the Administrative and Academic activities of the University, for which the Company may perform remunerative work only and maintenance.