The contract was signed by Mr. Anastasios Aranitis, the General Director of AKTOR Group, and Mr. Giorgos Kontakis, the Rector of the University of Crete.
Specifically, AKTOR Group is undertaking the project "Study, Construction, Financing, Operation, and Maintenance of the University of Crete Student Dormitories through a Public-Private Partnership (PPP)," which will bring next-generation student dormitories to the university campuses in Rethymno and Heraklion. The project is valued at €255 million, with a 30-year contract duration, and it will be the first of its kind to be executed in Greece.
The project is financed by the European Investment Bank (EIB) and Piraeus Bank, each providing loans of €91.5 million, with AKTOR Group contributing a binding investment of €64.5 million.
Operation and Maintenance for 30 Years
As part of the contract, the AKTOR Group will carry out the studies, handle the licensing process, and perform the construction, redevelopment, and landscaping works. Additionally, the group will finance the project and take responsibility for its daily management, security, and operation for a period of 30 years. The construction phase is expected to last 36 months.
The student residences in Crete represent an innovative project for the 21st century, characterized by enhanced sustainability and resilience. It will feature next-generation, environmentally friendly materials and a human-centered architectural design, aiming to improve daily life, comfort, and create a better environment for the student and educational community of Crete.
Project in Numbers
As part of the project, rooms and apartments totaling 4,846 beds will be constructed, with 2,710 in Rethymno and 2,136 in Heraklion, covering a total built area of over 100,000 m². Additionally, in the city of Rethymno, an amphitheater with a built area exceeding 6,000 m² will be constructed.
