GEK TERNA Real Estate Construction S A : provisional concessionaire for the Chania-Irakleio segment of North Crete Motorway
March 26, 2024 at 06:55 am EDT
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GEK TERNA (Bloomberg: GEKTERNA GA / RIC: HRMr.AT) announces, following as well a relevant inquiry from the Hellenic Capital Market Commission, that has been declared provisional concessionaire through an internaonal compeve tender for the project of "Design-Construcon-Financing-Operaon-Maintenance and Exploitaon of Chania-Irakleio segment of North Crete Motorway".
The concession period is for 35 years, out of which up to five (5) years refer to the design-construcon phase. The total length of the Chania-Irakleio segment stands at 187km (including the 30 km segment of Kisamos-Chania that is under contractual provision).
Crete is the largest Greek island with a permanent populaon of around 700,000 and the country's most popular tourism desnaon, recording the highest number of internaonal arrivals. The total length of North Crete motorway stands at about 300km, including the segments of "Hersonissos-Agios Nikolaos" (under construcon via a PPP contract) and "Agios-Nikolaos-Neapoli". The North Crete Motorway is considered the largest motorway under construcon in Europe currently.
The concession of Chania-Irakleio segment of North Crete Motorway marks a posive and important development, with numerous benefits for the Group and its shareholders. It increases the size, value and average remaining lifeme of GEK TERNA's motorways concessions porolio, enhancing the generaon of significant, stable and recurring cash flows over a long-term basis, enabling its ulisaon in respect of the overall Group strategy.
The result of this compeve internaonal tender showcases the technical and financial capacity of GEK TERNA Group and confirms its great experience and know-how in landing major projects with solid and compeve offers that secure the interests of its shareholders and the Greek State, and parcularly sasfactory condions for the Greek State.
Recall that GEK TERNA is the largest investor in concession and PPP projects, having under management more than 1,600 km of motorways (including Egnaa Odos and Aki Odos) and other landmark projects corresponding to investments of billions of euros such as the new internaonal airport of Irakleio Crete, the Integrated Resort Complex in Elliniko, the Hersonissos-Neapoli motorway segment of North Crete Motorway, the integrated waste management facilies in the prefecture of Epirus and Peloponnese etc.
Athens, 26 March 2024
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GEK TERNA Holdings, Real Estate, Construction S.A. is a holding company organized around 5 areas of activity:
- electricity production (73,1% of net sales): from renewable energies and from natural gas ;
- infrastructure construction (21.3%): power plants, highways, etc.;
- infrastructure management under concession agreements (5.1%): highways, parking lots, etc.;
- production of industrial facilities and construction materials (0.4%): pylons, struts, wood constructions, cements, etc. ;
- real estate development and property management (0.1%).
Net sales are distributed geographically as follows: Greece (93.2%), Balkans (5.3%), Eastern Europe (0.8%) and others (0.7%).