The Hellenic Republic Asset Development Fund (HRADF) of Greece announced the award of an investment and concession agreement of the Alimos Marina to Aktor Group. The total value for the Greek state is estimated at € 177 million over the 40-year term of the concession. Aktor will invest at least € 50 million in the next five years, upgrading marina infastructure and services.
Athens: 13 May 2020
The state-owned Alimos Marina serves the city of Athens and is one of the largest marinas in Greece and the Eastern Mediterranean. The Marina has 1080 berths accommodating yachts up to 40 meters in length and has a maximum depth of 6.5 meters. There is a dry docking area for 600 boats and additional infrastructure. The land area of the marina covers 210,000 sq. meters with a sea area of 428,000 sq.m. This is one of the most important yacht charter market berthing areas in Greece.
In order to improve the commercial results of the marina and improve the positioning of Greece as a tourism investment destination, the Government of Greece announced an international tender for managing the Alimos Marina under a concession agreement for 40 years. This means that while the state continues to own the Marina, the marina management is carried out by a private company.
After an international competition, the Hellenic Republic Asset Development Fund (HRADF) of Greece announced the award of an investment and concession agreement of the Alimos Marina to Aktor Group.
The total value of the concession license is € 57.5 million to the Greek state. Including revenue generated over the term of the lease, the Greek state should earn at least € 177 million over 40 years.
Aktor has agreed to invest a minimum of € 50 million in the first five years of the marina concession contract. This will include construction of some 18,500 sq.m. of facilities such as restaurants, shops, hotel facilities, offices, and other leisure areas.
Marina tourism in Greece is a priority sector for attracting international investment. In recent years, Greece has successfully signed marina investment and concession agreements for Chios and Alimos, while concession agreements and tenders for the marinas of Itea, Mykonos, Thessaloniki and Rhodes are underway.
Navigator Consulting offers due diligence, business planning, financial forecasting and risk analysis for marina, hotel and tourism investments in Greece. We have advised on some of the largest hotel and marina investments and privatisations in Greece since 1997. For more information please contact us.
Hellenic Republic Asset Development Fund. 13 May 2020.
GTP Greek Travel Pages. 20 June 2019.