An international tender for the long-term lease of the Flisvos Marina was launched in August 2001 with the view to transform it to a VIP Marina of high-level service standards.

The Company would hold a 25% equity participation in the SPV taking over the management of the marina.

At the tender’s final stage, binding offers were submitted by 6 consortia, all comprising of leading companies in construction, marine tourism and the leisure industry.

The privatisation contract was awarded on 30.12.2002, stipulating €44 million for investments in the modernisation of existing infrastructure and land development.

Up-front fee amounted to €7.9 million, while total lease proceeds for HTDC reached €72 million. The Company currently holds 25% stake of the SPV’s share capital worth €19.8 million.