Grimaldi Group Acquires Majority Stake in Heraklion Port Authority

Photo source: Municipality of Heraklion

The Hellenic Republic Asset Development Fund (HRADF) awarded on Tuesday, Grimaldi Euromed SpA and Minoan Lines SA a 67 percent majority stake in the share capital of Crete’s Heraklion Port Authority SA for a total of 80 million euros.

The HRADF, the country’s public assets body, said Grimaldi’s “high” binding offer – one of two submitted in April for the development of the Heraklion Port Authority – demonstrates “the commitment of the international investment community in the development prospects of the port of Heraklion, Crete and the Greek economy as a whole”.

The competition file will now be submitted to the Court of Audit for pre-contractual audit and approval paving the way for the finalization of the share purchase agreement.

According to the HADF, the tender for the development of the Heraklion Port Authority is part of the strategic plan for the upgrade of infrastructure on  Crete in parallel with the construction of the Northern Road Axis and the new international airport at Kastelli.

Heraklion port.

Earlier this year, Grimaldi Euromed SpA, Minoan Lines SA and Investment Construction Commercial and Industrial SA (EKEV SA) acquired a majority stake of 67 percent in the share capital of the Igoumenitsa Port Authority (IPA) for a total price of 84.17 million euros.

In January, Prime Minister Kyriakos Mitsotakis announced 480 major infrastructure projects, including road works, hospitals and the highly anticipated Kastelli Airport as part of the Crete Development Plan 2030  budgeted at 7.7 billion euros and focusing on the development of modern networks and infrastructure, the upgrade of agricultural production and green transition, the implementation of investments that will create value added in sectors such as culture, research and innovation, and improving the quality of life of the island’s residents.