Assessment study on 23 regional airports in Greece

In the framework of the implementation of the privatization program of the Hellenic Republic, the Hellenic Republic Asset Development Fund (“HRADF”), decided to proceed with the performance of an assessment on the portfolio of its existing rights over regional airport assets. This assessment aimed to identify and evaluate the development options of the Fund’s rights over 23 regional airports currently open for public use serving commercial air transport operations and operated by HCAA.
These airports are: Alexandroupoli, Araxos, Astypalaia, Chios, Ikaria, Ioannina, Kalamata, Kalymnos, Karpathos, Kasos, Kastelorizo, Kastoria, Kozani, Kythira, Leros, Limnos, Milos, N. Anchialos, Naxos, Paros, Siteia, Skyros and Syros.

Within this assignment the Consultant produced and provided to the Fund a detailed value assessment study covering in detail the following components/items:

1. Review and evaluation of each airport from an operational, infrastructural, commercial, and traffic point of view.
2. Identification of the value potential for each airport through a SWOT analysis, taking into consideration the airport’s financial performance, the potential to increase its traffic size by attracting additional airlines and destination routes, the airport’s commercial activities, the competition from other airports and transport means, the economic and demographic analysis of the catchment area, as well as the touristic potential of the catchment area.
3. Conduction of personal interviews with stakeholders, such as ground handlers, other airports and airlines in order to verify and enrich the collected information.
4. Development of a business case for each airport.
5. Analysis of the potential upside of creating clusters of airports.
6. Evaluation of available and commercially feasible transaction structures that is applicable to each clustering scheme.