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Greek Liquidation Sale Begins: German Company Wins Privatization Bid For 14 Greek Regional Airports
Submitted by Keep Talking Greece
Greek Liquidation Sale Begins: German Company Wins Privatization Bid For 14 Greek Regional Airports
Who would have thought.
A German company, airport operator FRAPORT won the bid to operate and maintain 14 regional airports, considered to be top of the top in Greece. With an offer of 1.23 billion euro, the consortium of Fraport-Slentel (a unit of Greek energy group Copelouzos) won the bid to lease the regional airports for 40+10 years. Among the 14 regional airports are those on most popular tourist Greek islands like Mykonos, Rhodes, Kos, Santorini and Corfu. It is the first privatization deal under SYRIZA-ANEL coalition government and the biggest privatization deal in Greece since beginning of the crisis and the bailout programs in 2010.
The Deal
Total €1.23 billion for the whole period of lease
Annual rent of €22.9 million per year
25% of the before tax, interest, revenues amortization and fees for Civil Aviation Authority
Pledge to invest €330 million to upgrade the airports in the first four years and a total of €1.4 billion for the next four decades. (source)
Already in November 2014, Greece’s privatization company Hellenic Republic Asset Development Fund (HRADF) had declared Fraport-Slentel Consortium as the “preferred bidder” stating that its offer was “significantly higher” than the second best bid. The offers for the tender were submitted in October 2014.
Bidders – Consortiums
1. Argentina’s holding company CASA (Corporation America) – Greece engineering company METKA (Mytilinaios)
2. Germany’s FRAPORT – Greek Slentel (Kopelouzos)
3. France’s VINCI – Greek ACTOR (Bobolas)
According to HRADF statement, consultants for the tender were : “Citigroup Global Markets Limited and Eurobank EFG Equities Investment Firm S.A. as financial advisors, Your Legal Partners and Drakopoulous & Vasalakis Law firm as legal advisors and Lufthansa consulting, Doksiadis Associates and Alanna Consulting Group, as technical advisors to assist with the privatisation.”
What is highly interesting is that Lufthansa is also shareholder in Fraport at 8.45%. In Fraport official site, the shareholder structure is given as:
| State of Hesse | 31.35 % |
| Stadtwerke Frankfurt am Main Holding GmbH | 20.02 % |
| Deutsche Lufthansa AG | 8.45 % |
| RARE Infrastructure Limited | 4.87 % (10/03/2015) |
| Unknown | 35.31 % |
On August 13th the deal was sealed by the Greek government, yesterday, Monday, the decision was published in Greece’s official Gazette.
The 14 airports are divided into two groups:
Group A: the airports in Thessaloniki, Corfu, Chania, Kefalonia, Zakynthos, Aktion and Kavala
Group B: the airports on Rhodes, Kos, Samos, Lesvos, Mykonos, Santorini and Skiathos.
The privatization deal will upgrade the airports in Greece’s most favorite tourist destinations improving the first image of the country to the million of tourists flocking each and every year. According to the UN World Tourism Organization (UNWTO), the number of international tourists visiting Greece grew by 17 percent in the first half of 2014. This continues the strong performance of last year when Greece welcomed some 18 million international tourists.
But just 330 million euro in investment for 14 airports in the next four years? This is €82,500,000 per year, and €5,892,857.1429 per airport each year. OK, jobs will be created and really miserable airports like the International Airport on Kos will improve their services and capacities.
Now, some mean Greeks claim that the investment will be assisted with European Funds (ESPA) and some others – equally mean – wonder whether the new lessee will pay Value Added Tax to the Greek state and do not act like the German Hochtief that has been refusing to pay V.A.T. for handling Athens International Airport ‘Eleftherios Venizelos’ for more than 20 years.
Some other Greeks realized that in all three consortium bidders were also the famous and powerful Greek businessmen, also known as "national contractors" for having secured contracts with the Greek state for building roads, bridges, and whatever Greece wanted to build and construct in order to modernize the country in the last decades, including energy, natural gas, sewage, just to name additional few.
PS if you’re an investor interested in Greek assets here are the running tenders of HRADF for ports, trains and whatever else your soul wishes.
* * *
For those curious who sits on the Fraport Supervisory and Advisory board, here is the answer:
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once all this goes down-why does NOT flying into these airports seem like such a good idea?
This is such a waste of money. As soon as Greece does pop this stuff will all get nationalized again.
Unless of course these assets have nationalization insurance taking out in CHF for their "FMV" not acquisition value, then if that is the case you are just handing the hot-potato to the insurance company.
Huge lol is still on the purchasers though, because if Greece pops the insurance companies won't be able to pay out, so its just throwing money down the drain.
The first, second and third reich all failed. But the fourth might just go all the way:
“There are two ways to conquer and enslave a country. One is by the sword. The other is by debt.”
John Adams
ALL YOUR BASE ARE BELONG TO US..
Strategically important Ports for NATO, Germany, and the USA.
Greek Communism has been being fought since 1947 Act of US Congress.
This sounds more like Greece is going to be the next Hawaii. Local ogliarches getting a payoff, foreigners getting ownership, local population left to mix drinks and serve food.
how much is a burnt down airport worth to the germans? oh wait the greeks just like to bend over and take it
please stop quoting these bogus quotations. he never actually said this.
"Those who would surrender sovereignty for solvency deserve neither and will lose both." -Salma Hayek
"don't believe everything you read on the internet" --Abraham Lincoln
Was that from the Movie Lincoln Vampire Hunter?
"Better to be hung for a sheep than a lamb"
-- My mum
well, there probably is a John Adam's somewhere who has said it. :)
Last Quote on link:
John Adams Quotes on Economy
“All the perplexities, confusion, and distress in America arise, not from want of honor or virtue, but from the downright ignorance of the nature of coin, credit, and circulation.”
– John Adams, Letter to Thomas Jefferson, August 25, 1787.
“The consequences arising from the continual accumulation of public debts in other countries ought to admonish us to be careful to prevent their growth in our own.”
– John Adams, First Address to Congress, Nov. 23, 1797.
“There are two ways to conquer and enslave a country. One is by the sword. The other is by debt.”
– John Adams
http://www.john-adams-heritage.com/quotes/
Don't Greeks have the patent on the 'back door'?
I'm sure they could sell that off to the U.S. Government!
Patents expire after 17 years...and that ship sailed a long time ago.
I bet the greek will be very happy about this lol
Bravo Greece! You are on the right track. Keep it up! Sooner rather then later your country will not have any sovereignity left.
Greemany.
Who gets the money again? I would like to see the list of disbursements.
Germany / Goldman
Maybe, but Frankfurt/Hess is Headquarters of DB, Deutsche Bank Twin Towers, Taunusanlage 12, Frankfurt,
Germany
The lenders and the banks. According to the new memorandum, most of it will go to recapitalize the banks, next is the debt, and if there's any money left over (there won't) it will go for "development", whatever that is.
Although I know that Greek people are exhausted, I don't understand why they are not revolting.
I knew a couple of revolting Greeks, but most of them are nice.
Grease up them runways.
Turkey slipped in the Greece and landed in Shiite.
oooops
Greece is the Great Slippery Pearl of the Mediterranean.
Islands up your Djibouti.
Assets from here to Timbuktu.
In WWII my father helped kick the Germans out of Greece. Now they are going to be the ones to show Greece to the world.
Replace Lloyd Blankfein with open source software..
Nice. Hopefully the Germans leave the Greeks unemployed. LOL
They can stand at the gate. “We owned all that. Traded it for… what?”
They already leave them all unemployed cause Germany's pushed austerity killed off SME in Greece.
The Greeks won’t sand up for themselves. They’ll eat from the garbage cans.
End product of generations long welfare.
I have Social Security to rely on… Medicare too.
Well a lot of people say that. It is a meme smear.
But USA is not that different.
- USA has more Debt than Greece
- USA has same percentage of Government workers
- USA can print money, but Greece can't
- Greece & USA have high External Debt
- Foreign ownership of US Govt Debt is 45%
- US has poor stewardship of World Reserve Currency, Greece has no currency or huge bond market like the USA
- Both Greece & USA are mixed Economies with Social Programs
Hey anyone that can wear those costumes has got balls!
And in some cases Balls on their feet!
greece should be happy to bend over for the fatherland.
your father he may curse you, your father he may beat you, your father he may take your last piece of meat. [/Latka]
The ‘new owners’ will be flashing black and white photos showing their forefathers standing on stacks of dead Greeks.
Wait till all the German babies are born half Greeks in Greece.
Rape is the best way to conquer a country.
Some ways are still the best.
Ve haf wayz of making you bend ofer.
Bye bye Greece, it was great knowing you. In the near future you'll be able to look back upon your glorious past...with mist in your eys and pain in your hearts.
Wouldn't the Germans be surprised if NATO sent in the Turks to act as a Peacekeeping force, organize the illegal immigrants, police the riots... in Greece.
And then wouldn't NATO be surprised when Kurds and Turks start fighting openly in Greece.
And wouldn't the Germans lose money on their assets in Greece as a result of the Islamification and endless war in Greece?
If we rename it , it will change.
I suggest.......... Oil.
I think the pain will be lower than that...
Germany is not going to stop there. After Greece some other country paralised by austerity will be up for grabs. In the mean time Germany will continue to profit from crisis in other European countries. Well played Germany, you profited the most from the Euro in the meanwhile proclaiming that this time it is different and you don't want a German Europe. BS.
Heh. the lights are coming on !
Wasn't this just the whole intent from the outset, germany takes over Europe yet this time without a bomb being dropped, nor a shell being fired.
Then next up will be the TTIP agreement and there won't be any national bodies to resist, no ?
We now need to abolish the Greek language which is an incomprehensible nuisance anyway, introduce mandatory German language and make the flights domestic. Than we have the perfect German holiday resort - well, with the exception, that VAT is even higher than in Germany.
“Now pack your shit and git.”
- Merkel
Looks like the bankers plan is working perfectly.
This has nothing to do with ' Germany vs. Greece. This is bankers and their Troika lackeys vs. all Europeans (or should I say Europeons).
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The destruction of and transformation of Greece into the Fourth Reich's vassal state is well underway.
https://glblgeopolitics.wordpress.com/category/the-fourth-reich/
Yesterday it was Cyprus. Today it's Greece. Tomorrow could be Italy, Spain, France, Portugal or even Great Britain.
“You have not anchored Germany to Europe,… You have anchored Europe to a newly dominant, unified Germany. In the end, my friends, you’ll find it will not work.“ – Margaret Thatcher
I wonder who's going to bid on all the US assets in a couple of years? We have more debt than anyone. The entire country will be up for grabs to our creditors!
I would be a buyer of some National Forest land or BLM land....In Colorado
I have negociaed many a contract..but this one would be difficult knowing that Greece is going to default.....how do you cover for that??? And you would have to have two curriencies in the mix
Wake up greek people, you can print your own, then you won't have to go begging for euros.
Greece printing their own money will gurantee they will go begging for Euros.
Just becasue they can print it, doesn't mean it will be worth anything. Which it won't.
Carpetbaggers.
"How many Divisions does the Pope have?" - Adolf Hitler
"Give me control of a nation's debt and I don't care how many Divisions a country has!" - Angela Merkel
Wow...I hope they read Donald Trump's "The Art of a Deal" before putting this contract out for bid...
Goddammit Greeks! Why the fuck won't you malakas get up and REVOLT?
The god they speak of in church is not coming to save you.
Get the pitchforks now.
whole country should be auctioned off to repay creditors