The Hellenic Republic Asset Development Fund (HRADF), a member company of GROWTHFUND – The National Fund of Greece, announces the acquisition of a majority stake of 67% in the share capital of the company “Heraklion Port Authority S.A.” (HPA S.A.) against a fee of 80 million euros, by the consortium consisting of the companies “Grimaldi Euromed S.p.A.” and “Minoan Lines S.A.”.
The signing of the agreement for the acquisition of the majority stake took place at the premises of HPA S.A. in Heraklion, Crete, in the presence of the Minister of Economy and Finance, Kostis Hatzidakis, the Minister of Maritime Affairs and Insular Policy, Christos Stylianides, the First Vice President of the Hellenic Parliament, Giannis Plakiotakis, the Bishop of Knossos, Methodios, the Governor of the Region of Crete, Stavros Arnaoutakis, the Mayor of Heraklion, Alexis Kalokairinos, the CEO of HRADF, Dimitris Politis, the President and CEO of Grimaldi Euromed S.p.A., Emanuele Grimaldi, the CEO of Minoan Lines, Loukas Sigalas, the President of the Board and Managing Director of “SYMMETOCHES LIMENOS IRAKLEIOU S.A.”, Paul Kyprianou, the Concessions Senior Manager of Growthfund, Dimitris Konstantakopoulos, the CEO of HPA S.A., Minas Papadakis, the President of the Board of Directors of HPA S.A., Ioannis Vardavas and executives from HRADF.
With the acquisition of a majority stake, following a tender conducted by HRADF, the port of Heraklion enters a new era of growth. HPA S.A. acquires a strong shareholder, and HRADF, which retains 33% of the share capital of the Authority, a strategic partner. Moreover, the shareholders’ agreement signed between HRADF and the investor secures the Fund’s position as a minority shareholder safeguarding the interests of the Greek State.
50% of the 80 million euros fee will be allocated to the “Special Account for Port Infrastructure Development” at the Bank of Greece, created to finance investments for the development and upgrade of the ports in HRADF’s portfolio according to the provisions of Law 5131/2024.
HRADF, in its capacity as Port Planning Authority, will continue to assist the investor in all stages of the approval process of HPA’s Master Plan for the development of the port of Heraklion, which is part of the broader plan of the Government for the upgrading of the infrastructure of Crete, along with the construction of the Northern Road Axis of Crete and the New International Airport of Heraklion.
The port of Heraklion is the first in the country to receive external verification by TUV AUSTRIA for its ESG performance, using the “ESG RATING TOOL” developed by HRADF. The certification process was coordinated by HRADF’s Sustainability Department, which annually evaluates all ports in its portfolio based on ESG criteria, using its own digital tool “HRADF ESG RATING TOOL”.
The Minister of Economy and Finance, Kostis Hatzidakis, stated: “Today is an important day not only for Heraklion and Crete but also for the national economy, for three reasons: Firstly, the Heraklion Port Authority acquires a strong shareholder, the Grimaldi Group, one of the largest shipping groups in Europe, which, following another HRADF tender, has already acquired the majority stake in the share capital of the Igoumenitsa Port Authority. Second, the State secures a significant offer of 80 million euros while retaining 33% of the share capital of the Authority. And thirdly, it is the first implementation of the new provision of Law 5131/2024, according to which 50% of the fee will be allocated for the development of the ports in HRADF’s portfolio. It is important for the local community of Heraklion that after the redefinition of the land zone of the port, the areas that were released will be assigned to the Municipality, satisfying a long-term demand. The government is implementing a comprehensive strategy to upgrade the country’s maritime infrastructure, which leads to better services for islanders and tourists, facilitation of trade, more revenue for the State, growth and job creation.”
The Minister of Maritime Affairs and Insular Policy, Christos Stylianides, said: “Today an important agreement for the future of the port of Heraklion is completed, with the acquisition of a majority stake of 67% in the share capital of HPA S.A. by Grimaldi Group against a fee of 80 million euros. This development marks the beginning of a new path of growth for the port of Heraklion. The port gains a strong and internationally renowned partner who will significantly contribute to its further development and upgrade. This strategic move not only strengthens the port itself, but also boosts the local and national economy, enhancing Greece’s position on the global shipping map. The collaboration in this endeavor between the public and private sectors reaffirms our commitment to the effective and sustainable management of the country’s port infrastructure. We will continue to work with the interests of the Greek citizens in mind, aiming to enhance the competitiveness of our country in the maritime sector.”
Speaking about the importance of the project, HRADF’s CEO, Dimitris Politis, pointed out: “We are particularly pleased that Grimaldi Group, one of the biggest groups in Europe with vast experience in operating ports, acquires a majority stake in Heraklion Port Authority and will guide the port to a new period of sustainable development. With this project, we safeguard the public interest in many ways: the Greek State, through HRADF, maintains a 33% stake in the share capital of HPA, ensuring its presence in the new era that begins for the port. HPA acquires a strong main shareholder who will implement significant investments for its energy transition and operational upgrade. The Venetian harbour of the city, one of the cultural landmarks of Heraklion, will be protected as we included, in cooperation with the Ministry of Maritime Affairs and Insular Policy, provisions in the tender for the establishment of a new state-owned managing body. Finally, it is particularly important that 50% of the fee will be invested for the development of state-owned ports, enhancing their competitiveness and creating new jobs for the benefit of local communities and the national economy.”
In his speech, Grimaldi Euromed S.p.A. President and CEO, and Chairman of Heraklion Port Authority S.A., Emanuele Grimaldi, underlined the long-term, investment-oriented vision that inspired this acquisition: “We have an ambitious investment program aimed at fully leveraging Heraklion’s strategic location in the Eastern Mediterranean. This port has great potential for new trade routes for both passenger and freight transport, including cruises and vehicle shipments. We are keenly aware of this, having been its primary client for many years through the Grimaldi Group Heraklion-based company Minoan Lines. With our investments in renewable energy, we will also support the Port’s sustainable growth and transform Heraklion into a truly green port and a model for the Mediterranean port sector. Our ultimate goal is to foster improved services for the Port, increased trade activity, more tourism, more business opportunities, job creation, and greater prosperity for the city of Heraklion, the island of Crete, and Greece as a whole.”
