It is common knowledge that the Ellaktor group, especially the Henry Holterman's side, has not ruled out the possibility of strategic (or even shareholding) partnerships. Recall that in mid-June (17/6) the subsidiary was delisted from the Athens Stock Exchange, following a public offer by the main shareholder to the minority. A development that marked the transformation into a group with a strong footprint in the Greek hospitality and entertainment market.
One of the three specific flagship projects, Alimos Marina, is entering a new era, as in collaboration with Aktor Concessions, the redevelopment project will start in one of the most modern marinas in the Mediterranean.
This is the largest marina in the Balkans and a strategic investment of €100 million in the fast-growing coastal front of Athens, with multiple added value, both locally and nationally. It should be noted that Aktor Concessions has signed a concession agreement for the right to use, operate, manage, and exploit Alimos Marina for a period of 40 years, with the right of mutual extension for another 10 years.
In parallel, Gournes, in an area that has been passed to REDS since February 2023, is to host in the next few years one of the most important tourist and commercial developments in the region of Crete and one of the most modern developments in Greece. In the first phase, fencing works and accompanying security works were carried out throughout the entire area and mainly in areas of particular risk, such as the swimming pool's out-of-service facilities.
It is widely known that the Dutchman's side is acting now on (mainly) two fronts. One, that of real estate development, tourist infrastructure, hotel infrastructure, etc. related. However, it is not clear whether Henry Holterman has in mind, after partnering with third parties and enlarging the portfolio, to proceed to a partial (or even total) resale, as in his headquarters (in Corfu), the assessment prevails that in due course the prices will be higher (more expensive). In any case, the development of the projects, their maturation, and the consequent creation of critical mass come first.
The other front is the banking front, also widely known for the interest of the Dutchman's side earlier in participating in an AMC of Ethniki and subsequently by building a strong minority position in the m.k. of Alpha Bank. The stake has reached marginally below 10% (9.49%), with a stated intention to increase it, hence the request (to SSM) to further increase it to more than 10%. At the moment the fit & proper from Frankfurt has not been given; it was only approved last for Aristotle Mystakidis/Aegean Baltic Bank, although reliable sources believe that the OK is... en route to Athens. Logically, further strengthening the UK's stake in Alpha Bank's m.o.—either directly/by the market or through a deal with, e.g., John Paulson, etc.—18% is a sought-after figure.
What it could mean for the Hellactor group, or in particular for the implementation of plans such as, e.g., REDS, the emergence of the Dutchman as a larger minority shareholder (similar to the Watsa/Fairfax position in Eurobank) is plausible. Also, with cash close to €650m, the listed company will be a strong benchmark in its own right (on a deposit basis, funding costs, leverage, etc.). According to the data (30/6), cash and readily realisable assets totalled €644m (down from €497m at the end of the corresponding half-year 2023). Also, the completion of the liquidation of EleKtor (€114.7m) is pending following the recent engagement due to the Competition Commission. The existing concession projects are expected to generate total dividend inflows of over €1 billion (based on contractual terms).
