Within the first quarter of 2022, the HRADF is expected to start the tender process for Attiki Odos, according to the recently revised Business Development Program (ADP). In fact, this is the first ADP of the Fund that does not include Hellinikon, after the completion of the transaction in the summer. On the other hand, the picture for the sale of 30% of “Eleftherios Venizelos” remains cloudy, as long civil aviation is still slow getting off the ground after the pandemic struck.
Currently, the tender for Attiki Odos, the existing concession of which expires in 2024, is in the preparation phase, without it being clarified whether it will include a new construction object. According to the new ADP, decisions on the perimeter of the tender are expected by the end of the year.
In any case, this is a valuable asset, as only in 2020, Attiki Odos distributed a dividend of 82.6 million euros for 2019, of which a dividend of 30 million in 2020. Respectively, during the fiscal year 2019, 100 were distributed, 3 million euros, which concerned the dividend of 2018, amounting to 60.3 million euros, and the interim dividend of 2019, amounting to 40 million euros.
During the recent TIF, the CEO of HRDH, Mr. Dimitris Politis, had predicted that the financial consideration of this concession will break all records of privatizations. In fact, he did not hesitate to estimate that he would take the scepter of the large offer achieved by PPC for 49% of HEDNO, totaling 2.1 billion euros, of which 1.3 billion will enter the PPC funds. .
Decisions on AIA are awaited
The asset of the Fund that was most affected by the pandemic is none other than the Athens International Airport. While the competition started with the best omens, in mid-2019, a milestone year for the country’s airports that recorded historic performances, things changed dramatically due to Covid-19. The process for the sale of 30% of Eleftherios Venizelos was frozen because the vertical drop in the international aviation market would have an impact on its valuation.
By the end of 2021, the timing of the resumption of the process is expected to be assessed, according to the new operational program. Meanwhile, in the second phase of the competition, as it had run at a good pace, nine investment schemes had moved forward: ADP GROUPE, AVIALLIANCE, FERROVIAL INTERNATIONAL, FIRST STATE INVESTMENTS, GLOBAL INFRASTRUCTURE PARTNERS, VINCI AR AIRPUR, VINCI AR AIRPUR -EGIS, MEIF6 ATTIC INVESTMENT-RAFFLES INFRA HOLDING-CHENGDONG INVESTMENT CORPORATION.
Fast forward to ports
The ports were the asset that kept the HRADF program running during the pandemic period, as their preparation ran at a fairly good pace. Currently, the call for expressions of interest for the Volos Port Authority is being prepared, while in the first quarter of 2022, binding offers are expected for three ports.
The following schemes have been pre-selected for the sub-concession of the right to use, maintain, operate and operate a multipurpose station in a part of the port Filippos II of Kavala: QUINTANA INFRASTRUCTURE & DEVELOPMENT, IMERYS GREECE-GOLDAIR CARGOB -EFA GROUP-GEK TERNA and Thessaloniki Port Authority.
Respectively, at the same time, the binding offers for the port of Alexandroupolis are expected. The pre-selection of the contractual texts by the pre-selected investors for the acquisition of a participation of at least 67% in the share capital of Alexandroupolis Port Authority is pending. In the second phase of the competition, the following groups have advanced: QUINTANA INFRASTRUCTURE & DEVELOPMENT, CAMERON-GOLDAIR CARGO-BOLLORE AFRICA LOGISTICS, BLACK SUMMIT FINANCIAL GROUP-EUROPORTS-EFA GROUP-GEKTHER.
Regarding the port of Igoumenitsa, for which seven investment schemes have been pre-selected, the review of the contractual texts by the pre-selected investors is also pending and the submission of binding offers will follow within the first quarter. The interested parties are: ATTICA HOLDINGS, PORTEK INTERNATIONAL PRIVATE LTD, QUINTANA INFRASTRUCTURE & DEVELOPMENT, AEGEAN OIL, ARCHIRODON GROUP-ANEK-GROUP TRIDENT HELLAS, GRIMALDIROM.
For the port of Heraklion, finally, the tender for the long-term concession, which started in early April, is currently in the pre-selection phase of investors, which is expected to be completed by the end of the year, so that in the second quarter of 2022 we have binding offers. It is reminded that initial interest has been declared by nine schemes: OLETE LMITED, KARATZI INDUSTRIAL & HOTEL ENTERPRISES-FHL. H. KYRAKIDIS MARBLES GRANITES, GRIMALDI EUROMED – MINOAN LINES, PORTEK INTERNATIONAL PRIVATE LIMITED-GPH CRUISE PORT FINANCE LTD, AKTOR RECOMMENDATIONS-ATPICA GROUP, GIP