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Happy end for Thriassio Freight Center I in Western Attica – Thriassio II concession ready to go through now



Θριάσιο Εμπορευματικό Κέντρο

In the next few days, the much-discussed contract for Thriasio I is expected to end with a happy ending, which completes a thriller deal that lasts for more than three years.

According to well-informed sources, the Ministry of Infrastructure and Transport is waiting for the official positive response of DG Comp to formally close the case.

But already from the end of July, always according to the same sources, in the last communication there had been a positive response indicated by the green light from Brussels. This is perhaps the most difficult negotiation that has taken place with the Commission in years.

In order to reach the current point, intensive negotiations had to take place between the Ministry of Foreign Affairs and the contractor (ETVA VIPE-Goldair) in order to be convinced of the change in the 12 points requested by the Commission.

With the written approval of the case, the amended contract will be passed by the Court of Auditors for approval and then will be passed again by the Greek Parliament.

The 12 points that change

1. The Initial Compensation paid by the Concessionaire has been doubled from 10 million euros to 20 million euros. The 10m euros will be paid before the entry into force of the concession and the remaining 10m euros will be paid in the 8th or 10th year from the Effective Date, depending on the amount of the Concessionaire’s turnover in the first seven twelve months.

2. The Annual Payment to the Project Owner increased from 2.51% to 5.00% of the gross annual Revenue for the entire concession period.

3. The Minimum payment to the League, ie the minimum Annual Guaranteed Exchange doubled from 350,000 euros to 700,000 euros.

4. DG COMP calculated that the Internal Rate of Return on Equity of the investment in Thriasio (EQUITY IRR) is 9.09%. Based on this, the condition is now introduced that the profits after taxes that arise for the Concessionaire (ie after the return of Equity 9.09%) will be distributed on an equal basis 50% -50% between the Concessionaire and the developer.

5. The duration of the concession was reduced from 60 years to 37 years. There is of course the possibility of extension for another 23 years, under certain conditions.

Changes concerning the Commission
6. Is there a commitment to notify the EU? any modification of the Investment Plans.
7. Preferential building conditions that apply exclusively to GAIAOSE do not apply.
8. Commitment to inform the EU by the League regarding any change in the agreed method of payment of the share capital of the Concessionaire.

Financial changes

9. All additional services to be provided by the Concessionaire within the Freight Center will be included in the financial model and it is expressly agreed that no services of the Concessionaire will be addressed to third parties outside the Freight Center.

10. In the event that either a member of the Concessionaire or any of its affiliated or cooperating companies is a user of the freight center, it will be treated equally, without any discrimination or preferential treatment by the Concessionaire and the transaction will be controlled by the Independent Public Revenue Authority. to determine if the arm’s length principle is met.

11. Each transaction of the Concessionaire with Piraeus Bank will be audited by the Independent Public Revenue Authority to determine whether they meet the principle of equal distances (arm’s length principle).

12. It is explicitly stated in the contract that the commercial agreements of the Concessionaire for the operation of the freight center will not work to the detriment of the payments to the Project Owner.


Change in the shareholder composition as well

It should be mentioned that in “Thriasio Freight Center SA” (THEK SA) the shareholding structure changes with its percentage in the percentage of ETVA-VIPE decreasing to 60% from 80% and that of Goldair respectively increasing to 40% from 20% that was initially.

The risk for the country was great as in case of failure of a new agreement our country was in danger of being asked to return an amount of over 200 million euros to the EU, for community funds that have been given for the development of infrastructure in the property of Thriasio. which were given to finance the development of the area of ​​2,000 acres owned by OSE, which includes the 588 acres in which the shopping center will be developed.

Mytilineos has undertaken the construction of the necessary building and other infrastructure. The amount of investments is estimated at over 120 million euros, divided into two phases.

In October the competition for Thriasio II

Now that the problem of Thriasio Freight Center has been solved, the ministry can take the next step, which is none other than the start of the other big tender for the freight center in Thriasio II in the form of the concession. Its duration may be over 25 years.

As reported in a previous report, in the fall, the tender for the concession of the Freight Railway and Sorting Station (ESSDI) to Thriasio Pedio (better known as Thriasio 2) will probably run in October.

Remember that the previous tender became barren and the new one will be done with OSE as the Contracting Authority. The big bet was to design in such a way as to be attractive to investors and have more involvement.

At this time the auction documents are locked so that the announcement can run with the start of the expression of interest.

The objective value of the property is great, the investments that have been made so far make it a “mature” property but at the moment its return is sought in terms of its railway operation.


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