Greek construction firm Ellaktor agrees deal to upgrade Athens marina

ELLAKTOR

13/05/2020 09:48

ATHENS, May 13 (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.  urn:newsml:reuters.com:*:nL8N2CN6QW

($1 = 0.9222 euros)

 (Reporting by Angeliki Koutantou, editing by Louise Heavens)
 ((angeliki.koutantou@thomsonreuters.com; +30 210 3376436;
Reuters Messaging: angeliki.koutantou.reuters.com@reuters.net))