Greece declares COSCO preferred investor for Piraeus

Greece’s state privatisation agency Hellenic Republic Asset Development Fund (HRADF) has announced that it decided to declare COSCO as the preferred investor for a 67% stake in in Piraeus Port Authority (PPA) following the company’s submission of an improved offer of EUR 368.5m (US$401m).

The improved offer of €22 (US$24) per share is part of a €1.5bn (US$1.6bn) agreement, which includes the implementation of mandatory investments worth a total of €350bn over the next decade and the expected revenues from the Concession Agreement for the HRADF which amount to €410m (US$447m).

As HRADF reported, the overall agreement also takes into account the expected dividends and interest receivable by the agency as well as the estimated investments, apart from the mandatory, until the concession expires in 2052.