Huge investment in Lavrio by Demand Bank and Piraeus

Nikos
Karagiannis

06.26.2024 – 08.01

A major construction project worth approximately €300 million whose ultimate goal will be to develop residential and office uses in Lavrio jointly between Demand and Piraeus. As it became known, the project is part of four projects starting together.

The main project concerns the exploitation of the property of an Aegean textile factory, and its primary central objective will be the urban expansion of the city of Lavrio, as well as the proposed concession of the port of Lavrio and the planned expansion of the suburban railway. It will play a central role in the new face of the city.

As Piraeus and Demand presidents Christos Megalo and Dimitris Andreopoulos emphasized, the goal is to open a new page in the city. “We want to create value for the city and its residents,” said Mr. Megalo, while Mr. Andreopoulos noted that Lavrio will grow.

The property is owned by Euroterra, which is controlled by Strix Holdings, a Piraeus company based in Ireland. GEK TERNA and Kecrops (Intracom Group) each hold 10% of the shares. In the next stage, capital will be introduced Requests.

At this moment, the maturity of the drug is progressing with the necessary studies being conducted that will lead to new uses. The most likely scenario is for it to have mixed uses, i.e. residential and commercial, as the Port of Lavrio is expected to attract businesses through its ongoing concession.

In total, according to Mr. Andreopoulos’ estimates, it will take 4 to 6 years to complete and operate the property, that is, around 2030. Naturally, this will depend on the final plan, the interest that will arise, but also on the promotion of the property. The port and suburban expansion which were emphasized several times at yesterday’s event.

The important part of the property has an area of ​​97,262 m2 and the general urban planning plan and land use determination have been completed. The project is expected to begin around 2026 initially with the demolition of the buildings and in 2027 with the start of construction work. According to sources, there may also be an increase in surface area due to union with a neighboring property in the area.

Suburbs and port

The entire project, as mentioned above, is also based on the fact of the extension of the suburban railway to the area as well as the privatization of the port undertaken by TAIPED.

On July 8, entries for the TAIPED competition to acquire a majority stake (at least 50% plus one share) in the capital of the Lavrio Port Authority will be opened.

In total, eight investment programs submitted expressions of interest. The shapes are as follows:
1. GEK Terna SA
2. Intercat S.E.
3. Joint venture ASSOCIATION OF PERSONS JET PLAN SHIPPING Co LTD – ACTOR CONCESSIONS SA
4. Joint venture GPH CRUISE PORT FINANCE LTD – PROMARINE SA
5. Joint venture OLYMPIC MARINE SA – MSC CRUISES SA
6. Golftainer Company Limited
7.IOTC Investments SCS
8.Israel Shipyards Ltd

For the extension of the suburban railway line, a tender is underway with the participation of: GEK TERNA-INDRAKAT, AVAX-ALSTOM and AKTOR-METKA.

With the new line, the port of Lavrio will be connected to El Venizelos Airport in about 20 minutes, to the center of Athens in about 50 minutes, and to the port of Piraeus in about 70 minutes. The most important element is that the growing Lavriotiki area is adequately covered and connected to the city’s fixed-route media network.