The Hellenic Republic Asset Development Fund (HRADF) has announced that it will open concession bids for right to use, operate, manage and exploit 14 Regional Airports in Greece this week.

Technical and financial bids are scheduled to be opened today Monday and tomorrow Tuesday respectively.

The contract period will be 40 years. The concession is divided into two clusters:

• Cluster A includes the airports of Thessaloniki, Corfu, Chania, Kefalonia, Zakynthos, Aktion, Kavala and
• Cluster B includes the airports of Rhodes, Kos, Samos, Mitilini, Mykonos, Santorini,Skiathos.

The following consortia submitted binding bids for both groups:

• CASA (Corporation America S.A.) - METKA S.A.
• FRAPORT AG- SLENTEL Ltd
• VINCI Airports S.A.S. - ΑΚΤOR Concessions S.A.

The total investment is estimated at €250 million (US$309.6 million) within the first four years. Investments related to upgrading and refurbishing of existing facilities must be completed within 20 months of the start date and new projects and expansions must be completed in 48 months. In August we reported that the EIB was analyzing the financing of the deals.

Currently, all regional airports are state-owned without any corporate structure and supervised by the Hellenic Civil Aviation Authority (HCAA). Following the privatisation, HCAA will retain its role as regulator of aeronautical services and provider of air-traffic control services.

The Hellenic Republic appointed Citigroup Global Markets Limited and Eurobank EFG Equities Investment Firm S.A. as financial advisors, Your Legal Partners and Drakopoulous & Vasalakis Law firm as legal advisors and Lufthansa consulting, Doksiadis Associates and Alanna Consulting Group, as technical advisors to assist with the privatisation.