The Hellenic Republic Asset Development Fund, a member company of the GrowthFund, announces today, Wednesday, October 30th, the signing of the contract for the sub-concession of the right to construct, operate, manage, maintain and exploit the Marina for Large Vessels (mega yacht type) in Corfu, between the Greek State on the one hand, the Fund and the Corfu Port Authority and on the other hand, the Lamda Marinas.

Over the course of 40 years, the subconcessionaire will have to pay a price that exceeds €89 million in total.

It includes (a) a financial consideration to be paid in a lump sum at the start of the subconcession of EUR 9.7 million and (b) a percentage of 7.77% of the subconcessionaire's turnover to be paid annually. In addition, the subconcessionaire will also carry out investments of more than EUR 50 million for the construction and development of the marina from scratch. This is the first marina of this size to be built from scratch in the last 20 years.

The licensed Large Yacht Marina is located within the Port of Corfu and is situated to the west of the cruise pier, close to the passenger terminal. It will have the capacity to accommodate 410 vessels up to 140 meters in length and has a land area of 39,400 m2.

STATEMENTS

The Minister of National Economy and Finance, Kostis Hatzidakis, said: "The contract signed today for the creation of a large yacht marina in Corfu is a positive development for the island, the Greek tourism market, and the economy as a whole. Firstly, this agreement completes the development of another asset of the Hellenic Republic Asset Development Fund with a significant one-off payment plus an annual percentage of turnover, totalling over €89 million, and with investments exceeding €50 million for the construction of the marina. Secondly, new jobs are created during the construction and operation of the marina, local businesses and the economy are strengthened, while the tourist product not only of Corfu but of the country as a whole is upgraded with the possibility of receiving and servicing large tourist vessels. Thirdly, the investment is another vote of confidence in the country's prospects after the 12 total privatisations completed after the 2023 elections, which generated a total revenue for the state of about €8 billion. Our country needs such investments in order to further improve its position in international competition and for Greek tourism to remain on the positive course it has recorded in recent years."

Speaking about the importance of the project, the CEO of the Hellenic Republic Asset Development Fund, Dimitris Politis, said: "At the Hellenic Property Development Fund, we are implementing a comprehensive plan to upgrade the existing tourist ports in our portfolio, but also to create new ones that will boost marine tourism. Recently, the fully upgraded Vouliagmeni Marina was inaugurated, and in the next few months we will start work on the Alimos and Elliniko Marinas. In all three cases, the investors acquired these marinas following competitive tendering procedures conducted by the Hellenic Republic Asset Development Fund. Today, with the signing of the contract with LAMDA Marinas, we are taking another decisive step towards highlighting the role that marinas can play as catalysts for regional development. A landmark project for Corfu with great multiplier benefits for employment, the tourism product and the island's economy in general is now on track for implementation. We are especially happy that an investor with a wealth of experience and proven competence in the operation of tourist ports is taking on this significant project. We at TAIPED are committed to being at the investor's side to make this investment a reality and to provide Corfu and the Ionian Sea with one of the most modern marinas in the country." 

Growthfund's CEO, Gregory D. Dimitriadis, said: "We are delighted to see that the cooperation between the Corfu Port Authority, the Corfu Port Authority, the Hellenic Republic Asset Development Fund, the government and the local government has today resulted in a result that justifies the expectations of all of us for the creation of an infrastructure that will offer a great deal to the country's tourism development. Both the TAIPED's plan for the upgrading of infrastructure and the creation of new ones, as well as the Growth Fund's concept of increasingly dynamic and productive partnerships for attracting investment, are finding a tangible and completely successful implementation in Corfu Marina. Given the long delay in the efficient exploitation of the tourism infrastructure but also the rapidly growing needs of the constantly expanding market of marine tourism in all its forms, the success in the construction and development of the new marina in Corfu can be the springboard for the upgrading of our country's tourism product in a region with strong competition from neighbouring countries. We will continue to encourage such partnerships not only in marine tourism but also for the whole infrastructure of the country that can further enhance national, regional and local development by attracting serious investments."

CEO of LAMDA Development, Odysseas Athanasiou, said: "At LAMDA Development, in addition to our investment incentives, we have another objective. We always want to create projects that leave a positive social footprint and improve the lives of citizens in the sectors in which we operate. We also want to strengthen our country's image abroad. The development of marinas is one of our country's greatest opportunities to enhance the quality of our tourism product. The Corfu Marina will be a landmark project in this direction. 

The CEO of LAMDA Marinas Investments SMSA, Stavros Katsikadis, said: "Today is an important day for Greek marine tourism and especially for the Greek marina sector. With the signing of the sub-concession contract of the mega yacht Marina of Corfu, the creation of a major Greek marina begins some 20 years after the previous marina contract in Greece. It is also an important day for LAMDA Marinas of the LAMDA Development Group, because after the mega yacht Marina Flisvos and Agios Kosmas Marina in Elliniko, our company is investing in Corfu, one of the leading destinations for large yachts throughout the Mediterranean. Our aim is the creation and sustainable development of a modern marina with port and land infrastructure suitable for the accommodation and maintenance of vessels 12 months a year (home-porting). The mega yacht Marina Corfu will provide high-quality services, becoming a competitive pole of attraction for vessels in the wider Ionian region with significant added value to employment and the local economy of Corfu.".