Grimaldi Group is declared preferred investor for the Port of Heraklion

June 16, 2023

On June 12, 2023, the Board of Directors of the Hellenic Republic Asset Development Fund proceeded to the unsealing of the two binding offers received on April 24, 2023, for the 67% of the Heraklion Port Authority SA.

After the unsealing, the Board of Directors of the Fund decided to award the tender to Grimaldi Euromed S.p.A. & Minoan Lines N.E. for a total price of EUR 80 million for the 67% of the shares. Grimaldi Group’s offer was by far higher and announced as the preferred investor for the port.

The tender file will be submitted to the Court of Auditors for pre-contractual review. After this approval the contracts will be signed.

The Italian group has spent in total EUR 164 million to gain control of the Ports of Igoumenitsa and Heraklion.

Grimaldi Group is interested in using the port of Heraklion as a hub for electric cars that they will be transported from China and then send them with a feeder to Europe. They are also interested in the further development of cruise sector.