The Hellenic Republic Asset Development Fund (HRADF) announced the signing of the agreement for the sub-concession of the right to build, operate, manage and maintain the Mega Yachts Marina in Corfu.
The agreement was signed between the Greek State and the company “LAMDA CORFU MARINA Single-Member S.A. for the Development and Exploitation of the Corfu Marina”, a member company of “LAMDA MARINAS INVESTMENTS SMSA” which was declared as the Preferred Investor in July 2023, in the relevant tender conducted by HRADF.
The total value of the fees to be paid by the sub-concessionaire will exceed 89 million euros over a 40-year period. This includes: (a) an upfront payment upon the commencement of the sub-concession period of 9.7 million euros, (b) a percentage of 7.77% of the sub-concessionaire’s gross revenue paid annually. Additionally, the total investment for the construction and development of the new marina is expected to amount to over 50 million euros. This is the first greenfield marina project of this scale in Greece in the last 20 years.
The licensed Mega Yachts Marina will be located within the Port of Corfu, to the west of the cruise pier, near the Passenger Terminal. It will have a capacity of 410 berths for yachts up to 140 meters in length and a land zone of 39,400 square meters.
Minister of Economy and Finance, Kostis Chatzidakis, stated: “The agreement signed today for the creation of a marina for large yachts in Corfu is a positive development for the island, the Greek tourism market and the economy. First, this agreement completes the tender for the development of yet another HRADF asset with significant revenues amounting to more than 89 million euros, and with investments exceeding 50 million euros for the construction of the marina. Second, new jobs will be created during the construction and operation of the marina, bolstering local businesses and the island’s economy and upgrading the tourist product not only of Corfu but of the country, with the ability to receive and serve large yachts. Third, the investment is another vote of confidence in the country’s prospects following the 12 privatizations completed after the 2023 elections, which generated total proceeds for the State of approximately 8 billion euros. Our country needs such investments to further improve its position in international competition and for Greek tourism to remain on the positive course recorded in recent years.”
On his part the Minister of Maritime Affairs and Insular Policy, Christos Stylianides, stated: “This initiative, implemented in partnership between the public and private sectors, through HRADF and Growthfund underlines the commitment of the government and the Ministry of Maritime Affairs and Insular Policy, to strategically develop our maritime infrastructure and strengthen Greece’s position as an international maritime and tourism center. It is also another example of our strategy to upgrade the sustainability and competitiveness of the tourism economy. We strengthen maritime tourism, highlight the special character of our islands and create the conditions for a strong, multidimensional economy that spreads its benefits to every corner of the country.”
