May 13, 2020 / 8:55 AM / 15 days ago

Greek construction firm Ellaktor agrees deal to upgrade Athens marina

ATHENS (Reuters) - Greece has signed an agreement for the long-term lease and redevelopment of one of its biggest marinas by construction group Ellaktor (HELr.AT) in a deal worth about 177 million euros ($191.94 million), its privatisation agency said on Wednesday.

Ellaktor plans to spend 100 million euros to turn the Alimos marina on the Athens Riviera into a modern and attractive leisure and business destination, it said in a statement.

The marina, which spans across 700 acres of land and sea, will have 1,000 berths and will host recreation, dining and hospitality services along with offices, Ellaktor said,

Greece strongly relies on tourism, which accounts for about a fifth of its output, and hopes to reopen the sector which has been battered by coronavirus-related travel restrictions for the summer to kickstart its economy after years of hardship.

“The government is committed to its policy to give a boost to the economy via new significant and sustainable investments. Amidst the coronavirus storm, we are continuing our course...looking for better days for Greek people,” Tourism Minister Harry Theocharis said in a statement.

The value of the agreement amounts to a about 177 million euros, including an up-front fee, an annual concession fee and a revenue-sharing model of the marina’s annual turnover, the privatisation agency said.

Greece will raise only a fraction of what it initially expected from privatisations this year, as the coronavirus downturn has forced it to put planned asset sales on hold to avoid low offers.

Reporting by Angeliki Koutantou, editing by Louise Heavens

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