Consortium Announced ‘Highest Bidder’ for 67% Stake of Thessaloniki Port Authority

Photo Source: Thessaloniki Port Authority

A consortium of three companies is on its way to be awarded a 67 percent stake in the Thessaloniki Port Authority, after being announced the “highest bidder” for making an improved bid of 231.92 million euros for the concession deal through to 2051 in an international tender, the Greek assets fund TAIPED said on Monday.

Deutsche Invest Equity Partners GmbH, Belterra Investments Ltd (controlled by Ivan Savvidis, owner of Greek football team PAOK) and CMA CGM’s Terminal Link are aiming to create a new era for the port authority, which went on sale almost two years ago.

TAIPED values the deal at reaching a total of 1.1 billion euros, including the 231.92 million euro bid, a mandatory investment of 180 million euros in the next seven years and expected income for the Greek government resulting from the concession agreement set at 170 million euros.

The tender dossier will be submitted to the court of auditors and relevant authorities for pre-contractual review and regulatory approval in the coming weeks.

The country’s second largest, Thessaloniki port handled 344,277 teu in 2016 and is set to grow into a major trade hub to Eastern Europe.

“We are delighted that our joint venture was selected in the Thessaloniki Port Authority tender. Despite participating with a minority share, we feel responsible for the implementation of one of the largest investment projects in Thessaloniki and the country,” said Belterra Investments LTD in a statement, adding that the Thessaloniki and the local community will benefit greatly from the project.