HPPC 2024: A Year of Dynamic Growth with the Restart of 5 Landmark Projects
Operating revenues increase to €68.8 million, and EBITDA nearly doubles to €25 million
2024 was a milestone year for the Hellenic Public Properties Company (HPPC) – a subsidiary of Growthfund – marking a period of dynamic growth, strategic investments and the restart of landmark projects. At the same time, the Company achieved a notable improvement in its financial indicators, reflecting a substantial support for the national economy and society.
More specifically, in the course of 2024, five (5) emblematic projects were set in motion, many of which had been “on hold” for decades awaiting their development.
More specifically, the following projects were initiated:
- The development of the Thessaloniki Governor’s House, marked by the signing of an MoU between HPPC, Growthfund and the Presidency of the Hellenic Parliament. In preparation for this project, building and site surveys, structural adequacy studies and geotechnical research have already been completed.
- The reconstruction of the Achilleion Palace in Corfu, designated as a project of “strategic importance,” with the tender process for selecting the contractor responsible for updating the studies now finalized.
- The upgrade of the Diros Caves, also designated as a project of “strategic importance,” with the completion of updates to the relevant studies.
- The upgrade of the Parnassos Ski Center, including the finalization of tender documents and approval of an €8.7 million grant from the Recovery and Resilience Facility.
- The integration of the Olympic Tae Kwon Do venue into the broader redevelopment plan for the Faliro Bay area, in collaboration with the Attica Region.
The fast-tracked implementation of the above projects is the result of a systematic process of corporate restructuring and the reorganization of HPPC’s structures and services. At the same time, the Company addressed long-standing problematic leases, cleared arrears, and re-examined its financial relationships, resulting in significant collections from previous years totaling €7 million.
With this new strategy, HPPC significantly increased its financial metrics. More specifically, operating revenues rose to €68.8 million, an 8% increase compared to the previous year, while EBITDA nearly doubled, reaching €25 million. Moreover, a reduction in operating expenses by 11.5% further contributed to the improvement in the Company’s profitability (these figures are presented on a pro-forma basis, as the 2024 financial statements have not yet been finalized and may be subject to minor changes).
For the first time, the improvement in HPPC’s operating results was also positively acknowledged by the European institutions in the European Commission’s Enhanced Surveillance Report for Greece, confirming the Company’s significant transformative progress.
Meanwhile, strengthening engagement with local communities and businesses remains at the core of the Company’s strategy. Recognizing its dual role – both as a manager of important properties and as a driver of growth – HPPC adopted a new approach to collaboration with local societies. Starting with the Thessaloniki Governor’s House, it initiated productive dialogue with local authorities and residents to record their needs and ultimately shape the best plan for sustainable development of the property. Similarly, projects such as the restoration of the Italian Barracks in Chania and the Duchess of Plaisance Mansion – both of which had been seeking solutions for many years – are now, in collaboration with local stakeholders, being delivered to the local community, prioritizing the preservation of cultural heritage and boosting the local economy.
Finally, through a targeted effort to attract market professionals, the Company formed a high-performance team and dismissed those who did not meet new requirements. These actions had an immediate impact on corporate culture. The GPTW trust index recorded a 30% increase, demonstrating stronger employee trust and commitment.
HPPC’s CEO, Ms. Iro Hadjigeorgiou stated:
“In 2025, we will continue our corporate restructuring and portfolio optimization with the same intensity, focusing on sustainable growth, rapid asset utilization, and increased profitability. Building on insights from our comprehensive portfolio evaluation, our top priority is establishing a long-term investment strategy.
We are set to finalize major corporate agreements and launch new tenders for landmark developments, including the Vouliagmeni Beach, the Xenia Hotel in Ouranoupolis, and the historic Asani Building in Corfu. Simultaneously, we will enhance corporate strategy and governance while driving forward our strategic projects.
A key objective for this year is upgrading the services across all our business units—critical to strengthening destination appeal and supporting local communities.”
