Preferred investor selected to operate Greek marina

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The Hellenic Republic Asset Development Fund (HRADF) has announced that its Board of Directors has declared the investment scheme “AVLUM ENTERPRISES COMPANY LIMITED – IOANNIS & ELIAS D. TEFAS NAFPIGOPLASTIKI – CLEOPATRA MARINA SA – TOURISTIKOS LIMENAS PREVEZAS SA” as the Preferred Investor for the concession of the right to use and exploit the Marina of Chios for a duration of 40 years.

The investment scheme's financial offer for the concession comprises an upfront payment of EUR600,000 (US$687,643), an annual concession fee and a revenue sharing expressed as a percentage of the marina’s annual turnover.

The marina of Chios, built in the late 1990s, was never operational and remained undeveloped since its construction. The Preferred Investor is expected to implement a four-year investment plan to modernize the marina infrastructure, make it operational, while substantially improving the wider area.

The investments are expected to upgrade the port infrastructure, to deploy a reef at the entrance of the marina and to install permanent anchorages, as well as to build all the necessary infrastructure in the upland area, including an internal road network and parking spaces. Once fully developed, the marina will offer 180 berths for vessels up to 25m in length and up to 6,900 m2 of buildable space for recreational and touristic use. 

Kantor Management Consultants acted as financial advisor, P. Sfikakis & Associates LawFirm acted as legal advisor and Marnet Engineering Consultants acted as technical advisor on behalf of HRADF.

The BoD of HRADF declared the aforementioned investment scheme as the Preferred Investor after taking into consideration the positive recommendation of the advisers on the validity of the offer submitted, the independent valuation and following the positive opinion of the Council of Experts.

The file of the tender process will be submitted to the Court of Audit for pre-contractual review.

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