The sale of its stake in Marina Zeas S.A. (25%) to the majority shareholder D Marinas Hellas Sole Proprietorship S.A. was announced by the Public Real Estate Company S.A. (ETAD).
The agreement also includes an increase of approximately 40% in the annual fixed rent paid by the lessee Marina Zeas S.A. to ETAD for the concession of the marina.
Regarding the procedure and ensuring the legality of the transaction, ETAD was assisted by the leading business consulting firm, Deloitte Business Solutions S.A. and the distinguished law firm Karatzas & Associates.
This agreement, as stated, is fully aligned with ETAD’s strategic objectives for the optimal development and management of its real estate portfolio and ensures a significant increase in ETAD’s revenues through the liquidation of a minority stake. In addition, D Marinas Hellas’ investment will contribute to the continuous strengthening and modernization of Marina Zea, a leading marina in Attica.
After the signing of the agreement, Ms. Iro Hadjigeorgiou, CEO of ETAD, stated characteristically:
“This agreement is fully aligned with our strategic vision for maximizing the value of ETAD’s real estate, towards long-term and sustainable profitability. It marks a key milestone, bringing significant benefits to all shareholders, while significantly increasing the value of our portfolio.”
For his part, Mr. Ioannis Koutsodontis, Director of D-Marin in Greece commented:
“We are particularly pleased to have completed this transaction with ETAD. This move demonstrates our strong belief in the Greek marina market. We aspire to contribute to the future success and growth of the sector, through our constantly innovative strategy.”
Zea Marina, also known as Pasalimani, is one of the most famous marinas in Greece and is located in Piraeus. It is a busy tourist and nautical destination, where luxury yachts and sailboats are docked.
Covering a sea area of ??225 acres in the area of ??Freatida and Pasalimani with a maximum depth of 8 meters, the Marina has 670 berths on fixed and floating piers.
The land area of ??Marina Zea covers an area of ??40 acres, and it has parking spaces for boat owners and visitors, restaurants, cafes, a fuel station, as well as a number of commercial stores.
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