The Hellenic Republic Asset Development Fund (HRADF), a member company of GROWTHFUND – The National Fund of Greece, announced the acquisition of a majority stake of 67% in the share capital of the company “Heraklion Port Authority S.A.” for 80 million euros, by the consortium consisting of the companies “Grimaldi Euromed S.p.A.” and “Minoan Lines S.A.”.
The signing of the agreement for the acquisition of the majority stake took place at the premises of the Heraklion Port Authority, Crete, in the presence of among other the Minister of Economy and Finance, Kostis Hatzidakis, the Minister of Maritime Affairs and Insular Policy, Christos Stylianides, the First Vice President of the Hellenic Parliament, Giannis Plakiotakis, the CEO of HRADF, Dimitris Politis, and the President and CEO of Grimaldi Euromed S.p.A.
With the acquisition of a majority stake, following a tender conducted by HRADF, the port of Heraklion enters a new era of growth. It acquires a strong shareholder, and HRADF, which retains 33% of the share capital of the Authority, a strategic partner. Moreover, 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 euros 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 the infrastructure of Crete, along with the construction of the Northern Road Axis of Crete and the New International Airport of Heraklion.
