The Hellenic Republic Asset Development Fund (HRADF), a member company of GROWTHFUND – The National Fund of Greece, announces that today, Monday, April 29, 2024, the contract for the purchase and sale of the former construction site of the Rio – Antirrio connection project was signed between the Fund and the company PAVLOS N. PETTAS S.A.
The company emerged as the highest bidder in February 2023 with an offer of 2,885,000 euros. This fee is more than double the corresponding amount offered in the previous tender process for the same property and significantly higher than the independent valuation.
The signing was attended, among others, by HRADF’s CEO, Dimitris Politis and on behalf of PAVLOS N. PETTAS S.A., the President of the Board of Directors, Nikolaos Pettas, the Vice Chairman of the Board of Directors, Kyriakos Pettas and the Chief Financial Officer of the company, Vasilios Arvanitis.
The seaside property, which was used in the past as the main construction site of the Rio – Antirrio bridge, has a total area of about 165 acres and is located in the Municipal Unit of Antirrio of the Municipality of Nafpaktia, in the Region of Western Greece. It borders to the northeast with the settlement of Agios Panteleimonas and to the southwest with the settlement of Antirrio.
The property is strategically located as it is close to Ionia Odos motorway, while presenting significant development prospects due to the possibility of creating infrastructure for maritime transport.
HRADF’s CEO, Dimitris Politis, said after the signing of the agreement: “Today we are very pleased that an important agreement for Aetoloakarnania and the whole of Western Greece is finalised. The former construction site of the Rio-Antirrio connection project, after several years is being developed for the benefit of the local community and the national economy. The investments that will be implemented by the company PAVLOS N. PETTAS S.A., will boost the economic activity of the region and create new jobs. We will remain at the disposal of the investor to assist in the completion of these important investments, as our main priority is not only limited to the collection of a high price but also to the multiplier benefits of our projects for regional development”.
The Vice-Chairman of the Board of Directors of PAVLOS N. PETTAS S.A., Kyriakos Pettas, stated: “The signing of the contract for the purchase and sale of the property in Antirrio gives us great pleasure. Our company has a long history in the food industry, with a strong export orientation and twenty years of presence in the field of green energy with dedication to the principles of sustainable development. We intend to develop the former construction site of the Rio-Antirio connection project with uses which will have significant social and environmental benefits”. 
