The deadline for the expression of interest for Attiki Odos is extended until 5/5

The deadline for the expression of interest for the new concession of Attiki Odos for 25 years is extended until May 5 (from April 20).

It is reminded that the competition will take place in two phases. In the first phase, which will last until May 5, the interested parties will express their interest and then those who continue in the second phase will sign the confidentiality agreements with the HRDH and will have access to the Virtual Data Room to submit the binding offers. .

According to Capital.gr, the interested parties that have knocked on the door of HRDH exceed 12, including institutional investors (infrastructure funds), international concession companies from Europe and America, but also the largest Greek groups that are preparing international alliances for their descent into the competition.

According to information, the interested parties include the Spanish Abertis, one of the largest highway management companies with a presence in 16 countries, mainly in Europe and Latin America. The group had revenues of 4.8 billion euros in 2021 with operating profit coming mainly from the markets of France, Spain, Chile, Mexico and Brazil.

Brisa has shown interest, which is the largest highway management company in Portugal with over 1,600 km of concessions and other European companies known in our country. Among them is the French Vinci which already participates in important concessions in Greece, including Olympia Odos, the Rio-Antirio Bridge and the Aegean Motorway SA.

The Italian Autostrade per l’Italia (ASPI) is also expected to enter the litigation game, which is in the process of changing ownership by taking control of a joint venture of the Italian bank Cassa Depositi e Prestiti and the investment firms Blackstone and Macquarie. Autostrade had participated through its subsidiary Autostrade Tech in the electronic toll tender which was eventually canceled in a joint venture with Aktor, Intrakat and Intrasoft.

Institutional investors

According to the same information, large global fund managers who control special funds that invest in infrastructure (infrastructure funds) are also interested in Attiki Odos. The participation of these players who manage billions of investments, was also a key reason why the new concession of Attiki Odos is proceeding as it is, without the planned extensions and therefore without a large construction object, which would launch the risk.

Among these investors are big names such as ROADIS of the Canadian PSP Investments, which manages one of the largest pension funds in the world and, among other things, controls the AviAlliance, which has a 40% stake in Athens International Airport. ROADIS had also participated in the claim of the Egnatia Odos. The French Ardian and the German group Allianz are also under investigation, as well as the Australian investment group Macquarie, which recently acquired 49% of HEDNO.

Collaborations with Greek groups

Naturally, the “present” will be stated by the large Greek construction and concession groups, starting with Ellactor and Avax, which together with Egis are the current concessionaires of Attiki Odos, the two Greek groups are taken for granted that they will claim the new concession. The information wants the Kopelouzos group to get down for the first time in a highway concession in a joint venture with Macquarie, while GEK TERNA (which took over the concession of Egnatia Odos with Egis) and the Mytilineos group are building strong alliances.

Great Expectations

The great interest that has been presented has created high expectations for the price that will be achieved in the tender, as it is estimated by the analysts that it is one of the most important assets that are currently in the tender process. If the estimates are confirmed, then the price may exceed 2.5 billion euros, given the course of the highway so far in terms of revenue and traffic, but also the future prospects.

The existing concession expires in October 2024 and the subject of the tender is the new concession for the financing, operation, maintenance and operation of the highway, 70 km long, for 25 years. The deadline for submission of expressions of interest is April 20th, and the goal is for the binding offers to be submitted within the year so that there is no gap in the operation of the axis.