The concession forms part of the broader redevelopment of the Faliro Bay area for the creation of a new Metropolitan Park.
The Hellenic Public Properties Company (HPPC), a subsidiary of the Growthfund, and the Region of Attica signed today, Tuesday, 15 July 2025, the concession agreement for the Faliro Indoor Olympic Arena (Taekwondo). The agreement was signed by HPPC’s Chief Executive Officer, Ms. Iro Hadjigeorgiou, and the Governor of the Region of Attica, Mr. Nikos Hardalias, in the presence of the Minister of National Economy and Finance, Mr. Kyriakos Pierrakakis.
Under the agreement, HPPC grants to the Region of Attica for redevelopment and utilization a total area of 153,207.51 sq.m., including the Taekwondo arena, Plateia Nerou (Water Plaza), coastal zones, the shoreline, the seafront, and existing facilities. The project contributes to the development of a new, open Metropolitan Park and constitutes a large-scale intervention with strong environmental, social and cultural impact, expected to reshape the urban fabric of Attica and enhance citizens’ connection with public space.
The project refers to the creation of a multifunctional public space featuring green areas, sports and cultural infrastructure, fully open and accessible to all citizens.
Under the agreement, HPPC grants to the Region of Attica for redevelopment and utilization a total area of 153,207.51 sq.m., including the Taekwondo arena, Plateia Nerou (Water Plaza), coastal zones, the shoreline, the seafront, and existing facilities. The project contributes to the development of a new, open Metropolitan Park and constitutes a large-scale intervention with strong environmental, social and cultural impact, expected to reshape the urban fabric of Attica and enhance citizens’ connection with public space.
The project refers to the creation of a multifunctional public space featuring green areas, sports and cultural infrastructure, fully open and accessible to all citizens.
The concession agreement, approved by the Hellenic Court of Audit, has a duration of forty (40) years, commencing on 1 January 2026. During the transitional period 2026–2027, the Region of Attica will prepare the required studies and secure funding for the project’s implementation, which includes, among others, the transformation of the Taekwondo arena into a state-of-the-art conference and concert venue. During this period, HPPC will retain responsibility for the operation, maintenance, and exploitation of the asset. As of 1 January 2028, upon delivery of the site, the Region of Attica will assume full management.
The financial framework of the agreement includes an annual consideration of €1 million payable to HPPC, as well as provisions for its participation in future net revenues. In addition, HPPC will participate in the Management Entity, highlighting the concession’s development-oriented and reciprocal nature.
The Minister of National Economy and Finance, Mr. Kyriakos Pierrakakis, stated: “The message we wish to send today is that public property is not a passive asset, nor should it remain trapped in bureaucracy. It is a dynamic capital belonging to all citizens and must generate value for society. Growthfund currently manages assets totaling €11.7 billion, acting as a key vehicle for the development of public property in Greece. HPPC, as its subsidiary, is the largest manager of public real estate assets in the country. Our mission is to transform this portfolio into a driver of sustainable development and employment. We will leave no opportunity unexploited. With boldness, planning and full transparency, we will demonstrate that the public sector can operate effectively, for the benefit of all.” He added: “The Tae Kwon Do venue will no longer be merely a memory. It will become a landmark of a new era for public property in Greece—proof that with planning, cooperation and vision, even dormant assets can be reborn.”
HPPC’s Chief Executive Officer, Ms. Iro Hadjigeorgiou, stated: “Today marks a new chapter for one of the city’s emblematic sites, the Tae Kwon Do arena and Plateia Nerou. With the signing of this concession agreement, a new era begins for the property, which is planned to be transformed into a modern, functional and open conference venue—an infrastructure that is particularly needed in Athens and the wider region. The agreement ensures a clear and sustainable operational framework for the next 40 years, delivering tangible financial benefits for HPPC, while also including strong provisions for the gradual upgrade and modernization of the facilities.” She further noted that “the concession secures the necessary funding for a project that would otherwise be difficult to implement due to high CAPEX requirements, while enabling the integrated planning of the entire Faliro waterfront through the interconnection of new uses. Moreover, it will operate under a unified Management Entity that will ensure its long-term sustainability and continuous development.” Ms. Hadjigeorgiou also highlighted HPPC’s strategy for developing major assets through partnerships with institutional stakeholders and local communities:
“We focus on the optimal utilization of the assets we manage, not through a one-dimensional tender process or a purely financial model. Each major asset is evaluated individually, with emphasis on how its development can generate meaningful impact and act as a multiplier of value for society, growth and financial performance.”
The Governor of the Region of Attica, Mr. Nikos Hardalias, presenting the redevelopment plan for the Faliro Bay area and the creation of the new Metropolitan Park “Aenaon” covering 741 hectares along the coastline, expected to be delivered to the public in 2028, stated: “Today we take another decisive step forward in implementing one of the most important interventions of our regional administration—one that will significantly upgrade not only the Athenian Riviera but the overall image of Attica. This is a project that will reconnect the urban fabric of Attica with the sea after six decades.” He emphasized that the integration of the Tae Kwon Do facility completes the Region’s strategic objective for the redevelopment of the coastal front, noting:
“With the signing of this agreement, an emblematic sports landmark that remained underutilized for years now passes to the Metropolitan Administration, with the goal of its active reuse for the benefit of culture and society.” He concluded: “The redevelopment foresees the full transformation of the existing facility into a state-of-the-art exhibition, conference and concert center, capable of hosting high-level events in culture, business and tourism—an infrastructure currently lacking in Attica, depriving it of a critical competitive advantage.”
The signing ceremony was attended by the Deputy Minister of Tourism, Ms. Anna Karamanli, the Chairman of Growthfund, Mr. Stefanos Theodoridis, the Mayors of Palaio Faliro, Kallithea, Moschato–Tavros, Elliniko and Nea Smyrni, as well as representatives of the Region of Attica and other institutional stakeholders.
