Piraeus Port Authority to get new Expo Center

Long sought and with procedures lasting about one year (or more), finally the Piraeus Port Authority (PPA) will be able to use a new Expo Center.

The relative deal was signed yesterday with a consortium comprised by local investors and real estate developers and construction companies, like Lamda Development, J&P-Avax, Damco Energy, Reds SA, Rota Ltd. and Klearxos Routsis SA. Under the terms of the agreement, the consortium, named AEAS, will build and operate the new Expo Center, which will be built in Palataki area of the port zone of Piraeus. The project will cost approximately 90 million euros, funded by the private companies, which will have exclusive earning rights for a period of 25 years. PPA will receive an annual amount of at least 2.5 million euros, as soon as the new center opens its doors. The total earnings for PPA for the whole 25 year period are estimated at about 99 million euros. The old Expo Center didn’t manage to provide PPA with revenues more than 1.5 million euros at its best year. The new center will provide 34.000 sq.metres of space, parking space of 36,000 square metres, roof garden, offices, as well as shops and restaurants. It will also bolster the latest developments in communications technologies, in order to cater the needs of international conventions and conferences, not to mention Expos. Of course, the main goal of the developers will be to have the center ready by June of 2010, when the next “Posidonia” will take place. Many stakeholders of the Hellenic maritime community have called for the return of Posidonia to their natural venue, which is the port of Piraeus, but organizers might be reluctant to head back, given that the timeframe is particularly limited. In other words, if something goes wrong with the construction schedules, they will be left out dry. Furthermore, planning for the next Posidonia has already began, something which means that exhibitors will need to know approximately the available space they will be given, as well as its positioning in the exhibition. This is impossible to be provided for the new Expo Center, since no actual works have taken place yet.
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