The AKTOR Group and the University of Crete have signed the Public-Private Partnership (PPP) Agreement for the major project of constructing and operating the Crete student dormitories, with a budget of EUR 255 million (US$ 276 million).

AKTOR Group is responsible for the "Study, Construction, Financing, Operation, and Maintenance" of student dormitories at the University of Crete through a PPP. The project has a contract term of 30 years. It is being funded through loans of EUR 91.5 million (US$ 99 million) each from the European Investment Bank (EIB) and Piraeus Bank, while AKTOR Group is making a committed investment of EUR 64.5 million (US$ 69.7 million). Under the contract, AKTOR Group will be responsible for conducting studies, managing the licensing process, and carrying out construction, redevelopment, and landscaping work. The group will also finance the project and oversee its daily management, security, and operations for 30 years. The construction phase is projected to take 36 months to complete.

In addition, SALFO & Associates has been appointed by AKTOR Group as the Independent Certifier for the PPP project involving the design, construction, financing, operation, and maintenance of student accommodation facilities at the University of Crete. The project will provide contemporary housing for 4,846 students across two campuses:

• 2,710 beds in Rethymno

• 2,136 beds in Heraklion

The development will also feature restaurants, communal spaces, and a new amphitheater in Rethymno.