Page 66 - ΝΑΥΤΙΚΑ ΧΡΟΝΙΚΑ - ΟΚΤΩΒΡΙΟΣ 2024

ON THE SEAFRONT
Hellenic Parliament, Giannis Plakiotakis, the
Bishop of Knossos, Methodios, the Governor The total book
of the Region of Crete, Stavros Arnaoutakis, value of the
the Mayor of Heraklion, Alexis Kalokairinos, land plots
the CEO of HRADF, Dimitris Politis, the Pres- at the LAMDA
ident and CEO of Grimaldi Euromed S.p.A., Development
Emanuele Grimaldi, the CEO of Minoan Lines, Group level is
Loukas Sigalas, the President of the Board €37 million
and Managing Director of SYMMETOCHES as of 30 June
LIMENOS IRAKLEIOU S.A., Paul Kyprianou, 2024.
the Concessions Senior Manager of Growth-
fund, Dimitris Konstantakopoulos, the CEO
of HPA S.A., Minas Papadakis, the President
of the Board of Directors of HPA S.A., Ioannis
Vardavas, and executives from HRADF.
With the acquisition of a majority stake, fol-
lowing a tender conducted by HRADF, the
port of Heraklion enters a new era of growth.
HPA S.A. acquires a strong shareholder and
HRADF, which retains 33% of the share capi-
tal of the Authority, a strategic partner. More-
over, the shareholders’ agreement signed
between HRADF and the investor secures
the Fund’s position as a minority shareholder
safeguarding the interests of the Greek State.
50% of the €80 million fee will be allocated to
the “Special Account for Port Infrastructure
Development” at the Bank of Greece, created
to finance investments for the development
and upgrade of the ports in HRADF’s portfolio
according to the provisions of Law 5131/2024.
HRADF, in its capacity as Port Planning
Authority, will continue to assist the investor
in all stages of the approval process of HPA’s
Master Plan for the development of the port of
Heraklion, which is part of the broader plan of
the Government for the upgrading of Crete’s
infrastructure, along with the construction of
the Northern Road Axis of Crete and the New
International Airport of Heraklion.
MEGA INVESTMENT BY GEORGE
PROCOPIOU IN THE ELLINIKON
A sale agreement between LAMDA Develop-
ment and SKITI ENTERPRISES COMPANY
LIMITED, representing the interests of the
family of Mr George Procopiou, regarding the
sale of land plots within The Ellinikon, for the
development of residential and office space,
as well as an International Curriculum school,
was signed on 17 September.
The total transaction consideration amounts
to approximately €120 million, while the total
investment budget of the development is
expected to reach €500 million. This trans-
action builds on the significant progress
achieved thus far in the Ellinikon project and
66
will contribute to the acceleration of the proj-
ect’s pace of completion.
The land plots, located across the Glyfada Golf
Club, have a total maximum allowed buildable
area of 85,658 m . The permitted uses are (a)
2
30,000 m for residential developments, which
2
corresponds to an average purchase price of
€2,100 per buildable area m , (b) 35,658 m
2
2
for the office space development with an
average purchase price of €1,150 per m , and
2
(c) 20,000 m for the development of an edu-
2
cational institution with an average purchase
price of €850 per m .
2
Moreover, the sale agreement provides that,
in addition to the development cost of the
educational institution, the purchaser will
also undertake the cost of the infrastructure
works within the land plots, which is estimated
at €150 per m .
2
The total book value of the land plots at the
LAMDA Development Group level on 30 June
2024 amounted to approximately €37 million.
The Group is expected to recognise an account-
ing profit before taxes of approximately €82
million, including transaction expenses, hence
further strengthening the profitability and cash
liquidity of the Ellinikon project.
Mr George Procopiou stated the following:
“The key features of our investment will be
based on our sensitivity towards construction
design, respecting Greek architecture as well
as the existing design of the Ellinikon project,
together with our deep conviction that edu-
cation is a key pillar of progress and change in
society. We wish to contribute to the compa-
ny’s vision of creating a paradigm lifestyle for
The Ellinikon residents, with open green areas,
in a smart city that fosters tranquillity through
sustainable, environmentally focused designs”.
The CEO of LAMDA Development, Mr Odis-
seas Athanasiou, stated the following:
“We are particularly happy to have completed
the second part of our strategic cooperation
with Mr George Procopiou, a pioneering and
visionary entrepreneur. Mr Procopiou shares
our vision for The Ellinikon, the new smart,
green, and modern city that we are already
developing.
Further to the recent agreement for the sale
of 5 plots for residential developments in July
2024, this transaction reiterates the goodwill
of the Ellinikon project, as it has been gen-
erated until today by the implementation of
our strategic plan. It is worth noting that the
aggregate cash proceeds from the property
sales amount to €226 million and the total
accounting gain at €158 million”.