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HRADF announces concession of Chios marina

Hellenic Republic Asset Development Fund (HRADF) on Thursday announced the concession of the first marina that will upgrade the tourist infrastructure of Chios.

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HRADF granted the right to use and exploit the marina of Chios for a duration of 40 years to the "Marina Chios SA", the SPV company set up by the investment party "AVLUM Enterprises Company Limited - Ioannis & Elias Tefas Nafpigoplastiki - Cleopatra Marina SA - Touristikos Limenas Prevezas SA".
The Ministry of Tourism and the concessionaire have signed the Protocol of Delivery and Acceptance, which turns the use of the marina over to its new operator.
Following the fulfilment of this condition precedent, the upfront payment of 600,000 euros was made to HRADF. The total consideration amounts to at least 6,213,615 million euros, comprising the up-front above-mentioned payment, an annual concession fee and a revenue-sharing expressed as a percentage of the marina’s annual turnover. The investor is expected to implement a four-year investment plan to modernize the marina infrastructure, while substantially improving the wider area.
In full development, the marina will offer 180 berths for vessels up to 25 meters in length and up to 6,900m2 of buildable space for recreational and tourist use. The investor is expected to upgrade the port infrastructure, to deploy the reef at the entrance of the marina, to place permanent anchorages, as well as to build all the necessary infrastructure in the upland area, including internal road network, as well as parking spaces.