land, the infrastructures, and the facilities remains
with the Greek state. On November 25, 2014, the
FRAPORT AG-SLENTEL Ltd consortium was
declared Preferred Bidder for both groups of
regional airports, as part of the international open
tender conducted by HRADF, with an offer con-
sisting of an upfront payment of 1.234 billion
euros and an annual payment of 22.9 million
euros, annually adjusted according to the CPI, as
well as a variable annual fee, estimated at 28.6%
of the airports’ EBITDA. The total amount of the
above revenues will exceed 10 billion euros.
Apart from the aforementioned upfront and annu-
al payments, the Greek state also expects cumu-
lative tax, social, and other benefits amounting to
approximately 4.6 billion euros. The private
investor is granted the right to use, operate,
develop, and manage the airports for 40 years,
while the infrastructures and facilities to be con-
structed will be also owned by the Greek state
and will revert to it after the end of the conces-
sion.
• December 21, 2015
was the date set for the
submission of binding bids for the acquisition of a
67% stake in Piraeus Port Authority SA. A bid was
submitted by Cosco Group (Hong Kong) Limited.
The financial offer was unsealed on January 12,
2016, and the HRADF Board requested the sub-
mission of an improved bid. The improved finan-
cial offer by Cosco Group (Hong Kong) Limited,
which was submitted to the HRADF on January
20, 2016, provides for a price of 22 euros per
share, i.e. a total of 368.5 million euros. The total
value of the deal is estimated at 1.5 billion euros
and includes, among other things, the aforemen-
tioned 368.5 million euro offer, mandatory invest-
ments of 350 million euros over the next ten
years, and the expected revenues for the Hellenic
Republic from the concession agreement, which
amount to 410 million euros.
• Marinas and small ports
: The tender for the
concession of the marina of Pylos for 40 years is
still underway. According to the existing timetable,
the completion of this tender is expected within
the first half of 2016. Moreover, during the fiscal
year 2015, the tenders concerning the conces-
sion of a) the marinas of Alimos, Poros, Hydra
and New Epidavros, and b) the marina and part of
the port of Chios, were declared failed.
• On November 30, 2015
, the HRADF published
the invitations for the submission of proposals to
act as independent valuer for the privatisation of
TRAINOSE SA (the Greek railway network oper-
ator) and ROSCO SA (the rolling stock mainte-
nance company).
• The international tender
for the sale of the
state’s real estate properties abroad was launched
on August 21, 2015. More specifically, these
include: (a) a property of a total rentable area of
approximately 1400 square metres in New York;
(b) a property with a total built area of approxi-
mately 750 square metres in Washington DC; (c) a
property with total area of almost 1200 square
metres in Ljubljana; (d) a property with a total area
of almost 400 square metres in Pretoria, South
Africa; and (e) a property with a gross floor area of
approximately 1600 square metres in Rome. The
tender was completed in October 2015, with the
submission of binding offers for the N. York,
Washington DC, and Rome properties. The Board
of Directors of the HRADF announced a preferred
bidder only for the New York and Washington DC
properties, against a total offer of almost 12 million
euros, as the offer for the Rome property fell short
of the reservation price.
• On September 30, 2015
, the Fund announced
the launching of the auctions with the right to
counter-bid for 14 properties located in Chalkidiki,
the Dodecannese, Fthiotida, Argolis, Attica,
Messinia, and Imathia.
Trade with Greece
39
