The timetable set by the government was met, and the new investment arm of the Hellenic Corporation of Assets and Participations (HCAP) was established in the first half of 2025, with an initial capital endowment of €303.5 million. Led by Stelios Fragos, the newly founded Greek Investment Fund will focus on investments in infrastructure for the green transition, digitalization, and networks.
Beyond investment activities, however, HCAP’s core mission remains the transformation of state-owned subsidiaries. The goal of the new CEO, Mr. Giannis Papachristou, is for Growthfund to act as a catalyst in the evolution of its subsidiaries so that they generate wealth and offer high-quality services to Greek citizens.
It is worth noting that the Project Preparation Facility (PPF), which has been integrated into HCAP, continues to prepare and tender key strategic projects with a total budget exceeding €8 billion, financed mainly by the Recovery Fund.
Currently, HCAP is running significant projects such as the redevelopment of the Thessaloniki International Fair (TIF), tenders for the concession of Vouliagmeni Beach and the former Gonou military camp in Thessaloniki, and is preparing a master plan for the development of seven ports under its ownership.
The 9 most important projects
Thessaloniki International Fair (TIF): The international tender process for the TIF redevelopment will start in early 2026. The financing model is nearing completion to ensure the project is sustainable for the city, alongside the delivery of 100 acres for a Metropolitan Park. The project will be more compact than the original design and business-oriented.
ETAD: The valuation of ETAD’s real estate portfolio is underway. Its nominal value stands at €11.7 billion, but once the valuation process is completed, the figure will be significantly higher. The mapping of 36,000 properties continues.
22 Regional Airports: The financing model is currently under evaluation to determine profitability. The tender will cover all 22 airports together, as many lack the financial footprint to attract investors individually. These are the airports of Alexandroupolis, Limnos, Astypalaia, Ioannina, Chios, Kozani, Kastoria, Karpathos, Kythira, Milos, Skyros, Nea Anchialos, Paros, Syros, Araxos, Naxos, Kalymnos, Ikaria, Kastelorizo, Kasos, Leros, and Sitia.
Hellenic Saltworks: The privatization tender is expected in 2025, with completion in 2026. HCAP holds 80% of the shares, acting as a strategic investor since 2018, while the remaining 20% belongs to municipalities. Under HCAP’s management, the company has returned to profitability. Hellenic Saltworks S.A. is the country’s main salt supplier, operating seven salt pans nationwide.
Vouliagmeni Beach: The ETAD tender is in progress, with expressions of interest from seven investment groups for the lease of Vouliagmeni Beach. These include AIR CANTEEN S.A. (linked to entrepreneur Vlassis Georgatos of the Gregory’s group), ATHENS BEACH CLUB S.A., the joint venture of Konstantakopoulos, Prokopiou, and Kokkalis groups, MONTEKAVO REAL ESTATE S.A. (linked to the Restis group), THE MARGI S.A. (associated with the well-known 5-star hotel in Vouliagmeni), the EVERGOOD S.A.–GEFSINOUS S.A. joint venture (CVC Group and Manolis Vavourakis), the REDS S.A.–AIGAIOU WAREHOUSES S.A. joint venture (Ellaktor and Melissanidis groups), and FAIS HOLDINGS S.A. (Sami and Lucy Fais).
The strong market response reflects the ongoing and growing interest in the Athenian Riviera, driven by tourism growth. Vouliagmeni Beach is the most popular organized and accessible beach in the Riviera, just 25 km from downtown Athens. In 2024, it welcomed 420,000 visitors, with a daily capacity of 8,000.
Former Gonou Military Camp: The tender for the redevelopment of the former Gonou camp by HCAP subsidiary GAIOSSE began with difficulties after the September 2024 call for expressions of interest but has since progressed. The project involves creating logistics center infrastructure in western Thessaloniki under a concession agreement. It is conducted by the PPF using a competitive dialogue process. Binding offers are expected by November, with a preferred bidder selected by early next year. Currently, it is a two-horse race between Thessaloniki Port Authority (Ivan Savvidis) and Coldair (Kallinikos Kallinikos) with Aktor Group. If implemented, the 672-acre site will become Greece’s second-largest logistics hub after Thriasio.
Kalamata Airport: The contract for the 40-year concession of Kalamata Airport is expected to be signed in October with the preferred consortium comprising Fraport, Delta Airport Investments (Copelouzos Group), and Pileas (Konstantakopoulos Group, owners of Costa Navarino). The concession price was €45.2 million, with €28.3 million in investments committed for the first three years to renovate and modernize existing facilities, expand the terminal, build a new aircraft parking area, upgrade IT infrastructure, and develop retail and dining areas.
Ports: HCAP retains stakes in all major privatized ports such as Piraeus, Thessaloniki, Igoumenitsa, Heraklion, and Lavrio (tender in progress). It also fully owns seven ports (Patras, Volos, Elefsina, Alexandroupolis, Kavala, Rafina, Corfu) for which it will lead development directly. A master plan is being prepared, along with zoning plans for new marinas.
Corinth Canal: Beyond its core operations (ship transits) and revenue from cafes and restaurants under its control, the company owns land that HCAP plans to develop, both independently and with private partners. Plans include a marina and a retail concept, such as a shopping center.
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