The concession agreement of the right to use and exploit the marina of Chios for a duration of 40 years to “Marina Chios SA” the SPV company set up by the Preferred Investor scheme “AVLUM ENTERPRISES COMPANY LIMITED – IOANNIS & ELIAS D. TEFAS NAFPIGOPLASTIKI – CLEOPATRA MARINA SA – TOURISTIKOS LIMENAS PREVEZAS SA” was signed on August 8th, 2019.

The Minister of Tourism, Mr Charis Theocharis, representing the Greek State, signed the concession agreement, along with the chairmen of the abovementioned companies.

The total consideration amounts to at least EUR 6.21 million (US$ 6.95 million), comprised of an upfront payment of EUR 600,000 (US$ 672,122), an annual concession fee and a revenue-sharing expressed as a percentage of the marina’s annual turnover.

The marina of Chios, built in the late 1990s, was never operational and remained undeveloped since its construction. It is located in the central part of the eastern coast of Chios, 2.5km from the city centre of Chios and the main port and about 6 km from the island's airport. The sea zone of the marina of Chios, with an area of approximately 80,000 square meters, includes a harbour with a total area of about 28,000sq.m. The terrestrial zone of the Chios marina, with a surface area of approximately 35,000sq.m. has been formed primarily by sea-bed infiltrations.

The investor is expected to implement a four-year investment plan to modernize the marina infrastructure, make it operational while substantially improving the wider area. In full development, the marina will offer 180 berths for vessels up to 25m in length and up to 6,900m2 of buildable space for recreational and touristic use. The investor is expected to upgrade the port infrastructure, to deploy the reef at the entrance of the marina, to place permanent anchorages, etc., as well as to build all the necessary infrastructure in the upland area, including internal road network, as well as parking spaces.