Through e-Auction the highest bidder
The Hellenic Republic Asset Development FUND (HRADF) received today three binding offers for the tender for the concession of the right to use and exploit the marina for 40 years.
Binding offers were submitted by the following investment schemes (in alphabetical order):
• AKTOR CONCESSIOS SA
• AVIAREPS- COSMOS CONSORTIOUM
• LAMDA DOGUS MARINA INVESTMENTS SA
The evaluation process will begin immediately and will be in line with the terms specified in the tender’s process letter. Shortly after, the Fund's Board of Directors will unseal the financial offers.
HRADF will incorporate the innovative procedure of e-Auction to request improved financial offers by the eligible investment schemes. This will be the first time that an e-Auction procedure will be implemented in a concession tender. Through this new strategic approach, HRADF improves the transparency of its tender process while creating a competitive bidding environment in order to increase the total final revenue for the Greek State. The implementation of e-Auction is a process that has already been used in real estate tenders since 2013, with very positive results.
The invitation for participation in e-Auctions of the eligible investors will determine:
i) the date and time of the electronic tender,
ii) the starting price, ie the amount of the minimum acceptable price offered will be determined by the Fund, taking into account the highest valid financial offer submitted and the independent evaluation of the concession
iii) the bidding step, ie a fixed amount defined as the minimum increase of each improved financial bid on the starting price or the highest existing improved economic bid and
iv) the duration of the process
The investors will be trained in the use platform, and according to the Fund's planning, the e-Auction is expected to take place in March.