The tender process is being initiated following the preparation of the Call for Expression of Interest and the publication of relevant announcement in the Official Journal of the European Community on September 9.
The tender will be implemented in two phases:
- In Phase I of the tender, interested investors who meet specific technical and financial criteria shall submit the required Expression of Interest documentation by 4 November 2022. Growthfund will then evaluate the submitted folders and select the candidates that meet the relevant criteria.
- The selected bidders will be given the right to participate in Phase II (the final phase) of the tender, during which they will submit their final offers. The exact duration of the concession and other critical contractual arrangements will be determined in this phase.
Growthfund’s main objective through the concession of Kalamata’s airport is the upgrade, modernization and expansion of the airport infrastructure, especially the passenger terminal. The expansion and upgrade of infrastructure (terminal, apron space) is an essential condition due to the rapid development of the airport in question. Thanks to these investments, Kalamata Airport will be able to accommodate a constantly increasing number of passengers, projected to reach 500,000, long before the end of the current decade. It is already estimated that this year (2022) will see the number of passengers surpass the record set in 2019. The increased number of passengers – combined with the significant private investments in the tourism sector and the improvement of road infrastructure in the prefecture – is expected to have a multiplier effect on the Prefecture of Messinia as well as the wider region served by the airport.
This development is the result of the combined effort and close cooperation of Growthfund and the Ministry of Infrastructure and Transport, which multidimensionally supports this important development project.
To Growthfund, it is important to achieve and ensure a combination of high-quality operation and maintenance services for the Airport, to the benefit of passengers, since the contractor to be selected will undertake the related investments, with a reasonable return on the latter.
Growthfund has the option, at its sole discretion, to participate in the share capital of the Concessionaire with a minority stake of up to 15%. The exact percentage of the potential minority stake, the time and transfer method of the respective shares to Growthfund, as well as further relevant details will be provided during Phase II, in cooperation with potential investors during the consultation process. This option, irrespective of whether it is taken, is in line with Growthfund’s goal of evolving into a strategic investor and trusted public asset manager. Through its participations and investment portfolio, Growthfund seeks to create value and prosperity by generating long-term returns, building a relationship of trust with citizens and supporting the green transition to a sustainable economy. In this context, Growthfund has incorporated €50 million in direct investments in the Greek economy into its 2022-2024 strategic planning.
Deloitte Business Solutions SA and FCNC Financial Advisors SA undertook the role of expert financial advisors for the implementation of the actions and initiatives necessary for awarding the long-term concession of Kalamata Airport; as Technical and Traffic Advisor, the Doxiadis Associates, Consultants on Development and Ekistics SA, and as Legal Advisors for the Tender Process and the Transaction, the Law Firms Maria I. Golfinopoulou-Katerina A. Christodoulou “Your Legal Partners” and Dracopoulos & Vassalakis “DVLaw”.
The tender process is fully in line with the Growthfund founding law (Law 4389/2016), which transferred to Growthfund the rights pertaining to the administration, management, operation, development, expansion and maintenance of the 23 state-owned airports still operated by the Greek State. Following the relative announcement publication in the Official Journal of the European Community on September 7, the Call for the Expression of Interest is shortly expected to be posted in Greek and English has been posted on the Growthfund website.
Tags: Growthfund - The National Fund of Greece, Kalamata Airport
