Four Binding Bids Submitted for the Lease of Vouliagmeni Beach

The tender by the Hellenic Republic Asset Development Fund (ETAD) for the lease of Vouliagmeni Beach, one of the most prominent and profitable coastal properties in Attica, has attracted significant investment interest. In the second phase of the process, the binding bids submitted and opened today, Wednesday, December 10, 2025, during an open session before the Tender Committee, amounted to four, coming from strong and diverse business entities.

The bids, in order of submission, were submitted by:

1. FAIS Participations S.A.
2. Joint Venture EVERGOOD Monoprosopi S.A. & GEFSINOS S.A.B.E.
3. Joint Venture REDS Monoprosopi S.A. Real Estate & APOSTIKES AIGAIOU S.A.
4. AIR CANTEEN S.A.

The participation of four such diverse and strong corporate entities confirms the high interest in leveraging the unique available organized beach in the Municipality of Vari–Voula–Vouliagmeni. The tender foresees a long-term lease of 20 years, with the possibility of an additional 10-year extension.

The Investment Scope
Vouliagmeni Beach spans a total of 72,767.71 sq.m., with an allowable building area of 2,000 sq.m., and includes existing recreational facilities, including the historic “Okeanis” restaurant. The 638.50-meter seafront and the natural landscape enhance the project’s potential, making it one of the most important development assets of the Athenian Riviera.

The organized beach also remains one of the most popular destinations for both Athenians and tourists: in 2024 it received 420,000 visitors, with a daily hosting capacity of 8,000 people.

Profiles of the Bidders

FAIS Participations S.A. – Fais Group
A diversified business group listed on the Athens Stock Exchange, active in fashion retail, cosmetics, wellness, automotive, and commercial development. Fais Group’s participation reflects its intention to strengthen its presence in the high-profile Athenian Riviera market.

Joint Venture EVERGOOD – GEFSINOS
EVERGOOD, part of the major American fund CVC, known for the Goody’s, Everest, and Pasteria brands, in partnership with Gefsinos S.A.B.E., one of Greece’s largest food service providers. Their combined expertise in food service and high-volume operations makes this joint venture a serious contender for Vouliagmeni Beach, where dining is a central operational element.

Joint Venture REDS – APOSTIKES AIGAIOU
REDS S.A., part of the ELLAKTOR Group and a leading developer in Greece, with a strong portfolio in real estate, commercial parks, entertainment centers, and tourism infrastructure. In collaboration with APOSTIKES AIGAIOU, a logistics company owned by George Melissanidis, the joint venture combines large-scale development know-how with operational experience.

AIR CANTEEN S.A.
Founded in 2017, the company operates 58 outlets across nine Greek airports and major exhibition centers, providing food service in high-traffic “closed markets.” As a subsidiary of “Grigoris,” Greece’s largest snack franchise with 360 stores and international presence, it brings significant expertise in operating premium service points.

Non-Participants
Notably, the following did not proceed to the second phase:

– Athens Beach Club, a joint venture of the Konstantakopoulos, Prokopiou, and Kokkalis groups, which already manages Voula Beach B.
– The Margi, owned by the Agiostratis family, which has a strong presence in hospitality in the Vouliagmeni area.

Additionally, in the first phase, a group associated with shipping magnate Victor Restis was excluded.

Next Steps and Expectations
With the opening of the bids, a critical stage of the tender process is complete. ETAD will now evaluate the offers to select the contractor who will undertake the upgrade and operational management of the beach for the coming decades.

The project is considered pivotal for the investment narrative of the Athenian Riviera, as Vouliagmeni Beach is the only large coastal asset under public lease in an area already attracting major private projects and increasing tourist demand.

Attention now turns to the financial aspect of the bids and the strategies of the competing business entities. The final selection is expected to shape the future of one of the most iconic points on the Attica coastline – both in terms of investment and public access and service quality.