Greek Marinas Go Private

Three of the Greek capital’s most popular marinas are about to go private.  Last month, just two days after it handed over the operation and upgrading of five state-owned beaches in the Attica basin to the private sector, Hellenic Tourism Properties (ETA), announced plans to invite private operators to help modernize the marinas at Zea, Flisvou and Alimos.

ETA, the asset management arm of the Hellenic Tourism Organization (EOT), says it hopes to attract interest from the private sector with its offer of management control of the marinas.  The companies selected will be required to pump in a total of 34.6 billion drachmas to upgrade the facilities.

Companies already active in maritime tourism ventures, construction firms, financial groups, real estate operators and investors can submit non-binding declarations of interest, ETA said in a statement. The forms for the first stage will be available from August 13 and the tender document from August 30.

The infusion of private funds is expected to transform the marinas into facilities worthy of the 2004 Olympic Games and hubs of activity for Attica residents.

Outlining its plans, ETA said the Flisvou Marina is expected to become the official center for the forthcoming Olympic Games following a projected investment of 12 billion drachmas. The marina at Zea is scheduled to be incorporated into the city of Piraeus after an estimated 17-billion-drachma face-lift. The Alimos Marina, on the other hand, should see an inflow of 5.6 billion drachmas from the private sector, which is expected to help transform it into a seaside tourism center for Attica residents.

Areas adjacent to the three marinas will be converted into entertainment and event grounds as well, ETA said, citing Barcelona’s success in transforming its seaside facilities during the 1992 Olympic Games in the city of Catalan.

The private operators chosen for the three marinas will need to cooperate with municipal authorities and adjacent municipalities. ETA in turn will set up a coordinating center that will act as a bridge between the companies and local authorities. ETA is advised by Fuji Bank.