The Hellenic Republic Asset Development Fund (HRADF), has announced the acquisition of a majority stake of 67% in the share capital of the company “Heraklion Port Authority S.A.” (HPA S.A.) against a fee of EUR 80 million (US$ 89 million), by the consortium consisting of the companies “Grimaldi Euromed S.p.A.” and “Minoan Lines S.A.”

HPA S.A. acquires a strong shareholder, and HRADF retains 33% of the share capital of the Authority. 50% of the US$ 89 million fee will be allocated to the "Special Account for Port Infrastructure Development" at the Bank of Greece, created to finance investments for the development and upgrade of the ports in HRADF's portfolio. HRADF, in its capacity as Port Planning Authority, will continue to assist the investor in all stages of the approval process of HPA’s Master Plan for the development of the port of Heraklion, which is part of the broader plan of the Government for the upgrading of the infrastructure of Crete, along with the construction of the Northern Road Axis of Crete and the New International Airport of Heraklion.