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Port of Thessaloniki privatization agreement finally signed

The agreement for the sale of 67 percent of Thessaloniki port to South Europe Gateway Thessaloniki (SEGT) Limited was signed at the offices of the Hellenic Republic Asset Development Fund (HRADF) on Thursday afternoon. The agreement was scheduled to be signed last week, however, it was postponed as the Russian bank guarantor Promsvyazbank was nationalized and set under temporary administration of the Russian Central Bank.

The SEGT consortium consists of the preferred bidder Deutsche Invest Equity Partners GmbH, Belterra Investments Ltd. and Terminal Link SAS, and the sale totaled 231,926,000 euros.

The approval of the agreement by the Competition Commission is pending. The agreement will need to be ratified in Parliament and the transaction is expected to be conclude in the first quarter of 2018.

The agreement does not include the sale of port infrastructure, which has been leased to the Thessaloniki Port Authority via a concession until 2051.

The investment, based on existing information, is estimated to reach 1.1 billion euros in total. The agreement requires the investor to pay a price of 231,926,000 euros upon signing the contract and carry out mandatory investments of 180 million euros in the next seven years.

The revenue for the state from the concession contract (3.5 pct of the port authority’s turnover) is expected to exceed 170 million euros. Also included in the calculation are forecast dividend payments to HRADF for the remaining 7.22 pct share and additional investments until the contract’s end in 2051.

The sale agreement was signed by HRADF Board Chairman Aris Xenofos and Sotiris Theofanis, representing the consortium Deutsche Invest Equity Partners GmbH, Belterran Investments Limited and Terminal Link SAS, and Boris Wenzel, CEO of Terminal Link SAS.

The signing was also attended by French Ambassador to Greece Christophe Chantepy, Dr. Martin Schurig representing the German Embassy, Shipping and Island Policy Minister Panagiotis Kouroublis, and Shipping Deputy Minister Nektarios Santorinios.

According to Greek media, it was again the Russian Promsvyazbank that issued a guarantee letter on Monday. due to its nationalization it had to repeat the procedure.

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  1. seems the Germans got their way again…. undercover snakes of the European Union will buy up Greece..and
    all it’s assets.. and you will be left eating the pebbles..if they will leave those for you… Their is only one way…
    get out ..and many will follow

  2. @ marianne: totally agree….