The Hellenic Republic Asset Development Fund (HRADF) has announced that took place at the premises of the Fund the signing of the contract for the sale of the property of the former US base in Gournes, Heraklion, Greece. 

The contract was signed with REDS S.A., which offered the highest bid in the amount of EUR42.23 million (US$45.1 million) in the e-Auction process for its purchase and development. This offer was 77.8% higher than the starting price of EUR22.6 million (US$24.1 million). The seaside property of the former American base covers an area of 345,567 sq m and is located 13 km from the airport "Nikos Kazantzakis" and 16 km from the city of Heraklion. The project provides for the development of a luxury hotel complex, residences and a shopping center. The property also provides for the possibility of casino development. For the development of the project, REDS S.A. will implement investments. 

The project will make a significant contribution to further promoting the tourism image of Crete, leading to the creation of new jobs and accelerating the growth of the island.