Former U.S. Base in Heraklion

On 15.02.2023, 100% of the shares of the company “GOURNES PROPERTY DEVELOPMENT AND MANAGEMENT SINGLE-MEMBER S.A.”- to which the right of full ownership, possession and peaceful enjoyment of the property in Gournes, Heraklion, Crete, had been contributed – was sold to REDS PROPERTY DEVELOPMENT & SERVICES S.A (a subsidiary of the ELLAKTOR Group), for a consideration of €42,237,679.20.

The property has a total surface area of 345,567.00 m² and is part of the former US base of Gournes, in the Gournes area of the Municipality of Hersonissos in the Regional Unit of Heraklion in the Region of Crete. The property borders on its northern part with the coastal front, on its southern part with the old Heraklion-Agios Nikolaos National Road, and in the east and west with other properties, and has direct access to the Northern Road Axis of Crete. It is located about 16 km from the city of Heraklion, 13 km from the “N. Kazantzakis” airport and 20 km from the new international airport to be developed at Kasteli. The property is located outside the Urban Control Zone and outside any NATURA area.

The Special Town Planning Development Plan (ESCHADA) contains two general categories of uses (in more detail below):

1. B) Zone I with an area of 29,113 m² is located on the south part of the property with a “front” on the old Iraklion-Ag. Nikolaos National Road, with the uses “Theme Parks – Malls – Recreation” with a building ratio of 0.4, with a maximum allowed coverage of 40% / Buildable area of 11,645.2 m²
2. B) Zone II with an area of 316,454 m² “Tourism-Recreation” is located in the northern part with a “front” on the sea with a building ratio of 0.15 and a maximum allowed coverage of 20% / Buildable area of 47,468.10 m².

The company ‘GOURNES PROPERTY DEVELOPMENT AND MANAGEMENT SINGLE-MEMBER S.A.’ was established by HRADF with notarial deed No 8095/06.12.2022 for the purpose of selling the property.

The legal advisor to the transaction for HRADF was the Potamitis-Vekris Law Firm, financial advisors were EUROBANK and CERVED Real Estate Services, and technical advisors were DEKATHLON SA and CERVED Real Estate Services.