The Group’s portfolio is valued at approximately €12 billion and spans 11 key sectors of the Greek economy, including energy, water resource management, port infrastructure, transport, logistics, banking, and real estate. According to the Group’s announcement, the Hellenic Corporation of Assets and Participations (HCAP) implements its strategy through three main pillars:
Transformation of public enterprises to align them with private-sector standards, improving services to citizens while ensuring sustainable results.
Development of national infrastructure assets — including airports, ports, energy, and water management — to prepare them for utilization through concessions, privatizations, or the attraction of strategic investors.
Investment in high-value projects of the New Economy by establishing an integrated platform of investment instruments.
Additionally, the Strategic Projects Unit (PPF), operating as a flexible and independent unit within HCAP, serves as an accelerator for the maturation and implementation of projects of national significance, in collaboration with multiple ministries and public authorities.
Ports & Marinas
HCAP conducted a tender for a Business Development Advisor for its entire portfolio of port infrastructure (ports and marinas). The advisor will (a) assess opportunities and weaknesses across port assets and (b) develop a strategic plan for their overall development.
In March 2025, four bids were submitted for the concession of cruise operations at the ports of Katakolo, Patras, and Kavala. Binding offers are expected in the first half of 2026. In June, HCAP received five bids for a 51% majority stake in the Lavrio Port Authority. In December, a tender process began for the long-term concession of Kalamaria Marina, with the deadline for expressions of interest set for 27 February 2026.
Also in December, a €10 million tender was launched by the PPF for the upgrade of Patras Marina, with bids due by 5 February 2026. In October, the Parliament ratified a 40-year concession contract for the development of a mega-yacht marina in Corfu, to be executed by Lamda Development, which will invest over €50 million to construct the marina from scratch for large recreational vessels.
A master plan is under preparation for Alexandroupolis Port, alongside ongoing infrastructure upgrades worth nearly €20 million, including: (a) harbor basin dredging, (b) connection of the port zone to the new ring road, and (c) installation of electrical lighting. Completion is expected by June 2026, after which decisions will be made regarding further utilization of the port.
In Volos, restoration works are underway to repair infrastructure damaged by the natural disasters that affected Thessaly in autumn 2023. HCAP has appointed a strategy and regional development consultant to prepare a business plan, which will inform the port’s master plan, following the same model applied in Alexandroupolis. Master plans are also under development for the ports of Igoumenitsa and Heraklion, where HCAP holds a 33% minority stake.
In 2025, the master plan for Patras Port was completed and approved by the Council of State. It includes the creation of a hydrocarbon research and exploitation support base, construction of a new cargo pier connected to the railway network, and implementation of energy transition projects (photovoltaic station, six new cold ironing stations, etc.). Investments outlined in the master plan will be further detailed in a forthcoming business plan.
Business plans will also be developed for the ports of Kavala, Corfu, Rafina, Elefsina, and Patras, specifying targets and priorities within the broader framework established by the master plans. In collaboration with Skiathos Port Authority, HCAP is preparing a master plan for Skiathos Port, which will include development plans for Skiathos Marina, a HCAP asset to be exploited through partnerships with private investors via tender.
In December, the tender process for Argostoli Marina was completed by the A1 Yacht Trade Consortium, which is expected to invest over €30 million in upgrading and maintaining infrastructure under a concession agreement of at least 40 years. The same month, the government approved a tender for the sub-concession of part of the Elefsina Port land in Vlycha, expected to launch in Q1 2026, following the model used for Kavala’s commercial port “Philippos B.” Investors will have the option to use adjacent plots where available.
Logistics Centres
Former Gonos Military Camp: HCAP is preparing the development of the 672-acre former Gonos military camp in Western Thessaloniki for logistics, light manufacturing, and free-trade-zone uses. A contractor is expected to be selected in Q1 2026.
Regional Airports
In October, HCAP’s Board approved the final text of the concession contract for Kalamata Airport. The contract is expected to be signed, and the airport handed over to the concessionaire in Q1 2026.
For 22 regional airports, feasibility studies covering passenger traffic and CAPEX/OPEX have been completed. Final decisions on their utilization model are expected in the first half of 2026.
Road Infrastructure
On 30 December, the financial close was reached for the 35-year concession of the Egnatia Motorway and its three vertical axes for a lump-sum consideration of €1.275 billion. During the first five years, the concessionaire will invest over €420 million to restore the main route and upgrade the vertical axes. Key works include upgrading the Chalastra–Evzoni axis to full motorway standards, fulfilling a long-standing request of residents and authorities in Central Macedonia.
Over the 35-year concession, heavy maintenance works exceeding €1.8 billion will be carried out, including pavement replacement, maintenance of bridges and tunnels, upgrading horizontal and vertical signage, and replacement of guardrails. The contract also includes the construction and operation of 16 Motorist Service Areas (MSAs) and 12 modern rest and parking areas along the route.