The Hellenic Republic Asset Development Fund (HRADF) has selected the International Port Investments Kavala consortium as the Preferred Bidder for the sub-concession of Philippos II port concession PPP in Kavala, Greece.

The selected consortium is formed by Blacksummit Financial Group, EFA Group and GEK TERNA. The preferred bidder will be responsible for the operation and management of the project for 40 years. The port includes such facilities as the existing pier with a paved area of approximately 117,000 sq. m, an additional plot of unpaved land and reclamation area of approximately 165,000 sq. m, the detached mole/breakwater, the commercial activity (general cargo, dry bulk and occasionally container vessels), and certain equipment of the port.

The financial consideration for the sub-concession is approximately EUR33.9 million (US$35.27 million) in terms of nominal value. During the sub-concession, the investor is required to implement an investment plan of EUR36 million (US$37.45 million), including heavy maintenance costs.