Growthfund, the National Fund of Greece, is advancing the launch of a major project to develop the country’s 22 regional airports, entering the final phase to begin the project with the publication of an expression of interest for selecting a legal advisor. This initiative is part of preparing and implementing a concession plan for regional airports, following the model of the 14 international airports managed by Fraport Greece.
Which regional airports are included in the concession plan
The regional airports to be privatized are those of Alexandroupoli, Araxos, Astypalaia, Ikaria, Ioannina, Kalymnos, Karpathos, Kassos, Kastellorizo, Kastoria, Kozani, Kythira, Leros, Nea Anchialos, Limnos, Naxos, Milos, Paros, Sitia, Skyros, Chios and Syros. These airports are currently managed by the Civil Aviation Service, with the asset fund planning a long-term concession contract model.
A separate case is Kalamata Airport “Captain Vas. Konstantakopoulos,” where the consortium of Fraport, DELTA (Kopelouzos) and Pileas (Konstantakopoulos Group) has emerged as the contractor from the tender process. The next steps are completing the pre-contractual audit and then handing over the airport to its new operator.
Development strategy and economic benefits
The activity recorded in upgrading the country’s 22 regional airports is part of the government’s general direction for privatizations and utilization of public assets. Deputy Prime Minister Kostis Hatzidakis has expressed the goal of having local airports follow the path of the 14 international airports.
This is an initiative that will strengthen tourism and economic regional development in the country, improve connectivity of commercial transport, and additionally attract international investment interest. The goal is to upgrade services provided to Greek and international audiences.
Why regional airports are being privatized as a single package
The asset fund’s rationale is to give the 22 airports in one cluster, as some of them are considered “prime assets” due to increased passenger traffic. The initiative to privatize regional airports in one package is explained by the fact that otherwise candidate schemes would likely show interest only in high-traffic airports and not lower-traffic ones.
This way, asset fund sources explain, opportunities are provided for investments and development at smaller airports, so that traffic increases there too, and none of the 22 regional airports ends up closing. In 2024, passenger traffic at the 22 airports reached 2.3 million passengers, marking an 11% increase compared to 2023.
Concession process and implementation timeline
In the current phase, the asset fund is launching one of the largest privatizations of the coming period. The project to develop the 22 regional airports begins with legal support at all stages of the process, from evaluating the existing legal status of airports to completing concession contracts with private investors.
The first step involves hiring technical, legal and financial advisors who will guide the asset fund in drafting tender documents. Publishing an expression of interest for selecting a legal advisor with international experience by the Hellenic Corporation of Assets and Participations (Growthfund HCAP), aimed at preparing concessions, is considered pivotal for future project implementation.
Interested parties have until July 21, 2025 to submit proposals, while the cooperation duration is set at 30 months, with possible extension up to 12 months. The asset fund plans, through advisors, the optimal financial model for attracting candidate investors and then launching the tender process, with the goal of having the concession launched by 2027.
Legal support phases for the concession
The contract for providing legal services regarding the development of the 22 regional airports includes two basic phases:
In the first phase, the legal advisor will proceed with a complete legal review of the 22 airports’ status, evaluation of contractual and institutional pending issues, compatibility with Greek and European law, and opinions on development scenarios that economic and technical advisors will recommend.
The second phase includes drafting and legal support for the entire tender process for privatizing regional airports, managing the due diligence phase, drafting terms and contracts, participating in negotiations with candidate investors, and completing the project with signing and activating the concessions.
According to information, the concession contract to be signed with the asset fund and by extension with the Greek state will include investments for developing these specific airports following the model of the 14 airports already privatized.
