Procedure completed for the sale of the Hellenic Public Properties Co property at Skaramangas Shipyards to the new investor

12/04/2023 | Highlights, Press Releases

The contract for the sale of a property with a total area of 332,137.34 m2, in the area of Skaramangas Shipyards, was signed between Hellenic Public Properties Company (HPPC) and the highest bidder, Milina Enterprises Company Limited, owned by G. Prokopiou.

The sale of the HPPC-owned property to the highest bidder paves the way for implementation of an investment that is a high priority for the government and of great national importance for the Greek economy, marking the reopening of the Skaramangas Shipyards and the resumption of shipbuilding activity in our country.

With the transfer of the property to the new investor, HPPC successfully completed a series of hard efforts that started in 2019 with the delivery of the initial property to its portfolio, continued with the property swaps between HPPC and Hellenic Shipyards S.A., the separation of the operating license with the aim of creating an independent and operational Shipyard, and the final execution of a successful international online open tender in 2021 that attracted the interest of top investors.

The completion of the tender and the appointment of Milina Enterprises Company Limited as contractor, with an offer of  EUR 37,316,041.88, increased by 22% from the starting price of the tender, was followed by the successful pre-contractual audit by the Court of Audit, and – with the cooperation of the Ministry of Migration and Asylum – the Migrant and Refugee Hotspot was removed from the property so that it could be delivered unencumbered to the new investor.

The Executive Director and Acting Chief Executive Officer of HPPC., Panagiotis Balomenos, made the following statement: “Today, with the signing of this contract, we managed to complete a series of many successful intermediate actions in order to breathe new life into Skaramangas Shipyards, contributing significantly to the economic development of the area and of the whole country. This development, one of the largest of recent years, with significant multiplier benefits, demonstrates the effort of HPPC’s services and executives, the collective collaboration with all the actors involved, as well as the pivotal role played by our Company, as a member company of Growthfund, in the development of the Greek State’s private real estate assets”.  

Following the completion of the sale of the property, Giorgos Prokopiou stated: “The completion of the transfer of Skaramangas Shipyards now enables us to carry out our plans for the benefit of the local community and our homeland in general. Success will require the cooperation of the organisations involved. I would like to congratulate and thank the Ministry of Finance and HPPC for the thorough implementation of the whole process with complete transparency and expertise”.