On 13 May 2020, HRADF signed a Concession Agreement (CA), together with the Greek State, ETAD S.A. and the preferred investor DEVELOPMENT OF NEW ALIMOS MARINA SINGLE-MEMBER SOCIETE ANONYME (Concessionaire) and AKTOR CONCESSIONS S.A. (Initial Shareholder), for the Concession of the exclusive right for the use, operation, management and development of the Alimos Marina for a duration of forty (40) years.
The Concession Fees amounted to a One-off fee of €27,336,823, while the Fixed Concession Fee (adjusted by CPI) was €210,000 /year for years 1-5 and €300,000 /year for years 6-40.
In terms of the Variable Financial Consideration, this amounts to 16% of the Annual Actual Revenue, while a Minimum Annual Financial Consideration is defined in the CA as a “guaranteed” amount.
01.01.2021 is the Official Date of Commencement of the Concession Agreement for the exclusive right for the use, operation, management and development of movable and/or immovable assets within the onshore (210,000 m2) and/or sea area of the Alimos Marina.
A five-year period of Development Works is foreseen, while the Concessionaire is under the obligation to fully redesign the facilities and infrastructure so that, upon completion of the project, high-quality services are provided.
The total amount of the initial investment is estimated at approximately €50 million and an additional €57.5 million will be collected by HRADF in the context of the relevant concession agreement over the next 40 years (with the right to extend it for another 10 years).
Apart from marine construction projects, there will also be a shopping and restaurant zone, a hotel, a pier, a pedestrian walkway and a cycling lane, a marina administration and control tower and a parking lot with 850-1,000 spots.
Alimos Marina is the largest marina in Greece and the Balkans, with 1,100 berths.
Its exceptional strategic location as part of the urban fabric of Athens and its large onshore zone are exceptional comparative advantages for its development. Today, the marina operates mainly as a starting marina for a large number of small professional bare boats.
In 2024, works are expected to commence after the issuing of the relevant JMD and when the building permits required to implement the projects are issued.