GROWTHFUND STRATEGY-TO-ACTION SPOTLIGHT #2
Growthfund, the National Fund of Greece
GROWTHFUND is an active shareholder with a diversified portfolio of State-Owned Companies serving public interest.
1. New Chapter in public asset utilization – Launching a tender for 36,000 ETAD Properties
Launching one of the largest tenders in recent years in real asset management, Growthfund and the Hellenic Public Properties Company (ETAD) are set to turn a new page in the chapter of public property utilization.?
The tender involves the mapping, segmentation, valuation, and maturation of approximately 36,000 public properties managed by ETAD. his initiative marks a groundbreaking effort to systematize and optimize these assets.?
Growthfund, ETAD, and the Greek State will collaboratively determine the potential uses for these properties, aiming to transform “dormant” assets into economically beneficial properties.?
The international tender for these 36,000 state properties is to begin shortly, centered around a framework agreement for mapping, segmenting, evaluating, and utilizing these assets. Initial preparations are already in motion, with the project management bidding process underway.?
This agreement will enable up to nine companies or consortia to categorize and assess at least 1,000 properties each, with a goal to appraise 7,000 properties within three to four months.
This framework is not only expected to yield significant immediate benefits but also to serve as a model for future public property utilization efforts. Growthfund is dedicated to enhancing the management and development of public real estate through this initiative, employing modern methods and adhering to efficient timelines.?
2. Central Market of Thessaloniki embraces full digitalization
The Central Market of Thessaloniki (CMT) is entering the digital age by investing in innovative tools that enhance the efficiency and safety of its operations, and improve the quality of services provided to suppliers and merchants. Projects in four key pillars for digital transition have already been completed and are now operational, simplifying the daily experience of users, staff, and all those involved in the Central Market of Thessaloniki.
The first major innovation involves the implementation of RFID (Radio Frequency Identification) technology across the market. This technology uses radio waves to detect and read data, essentially evolving from traditional barcodes. This automation streamlines market entry for merchants and suppliers, enhancing their daily experience. It is estimated that 10,000 individuals use the Central Market of Thessaloniki regularly.?
A second innovation is the development of a mobile application aimed at improving service and security for stakeholders. This app for smartphones includes features for electronic pre-payment of vehicle entry fees, facilitating faster access and smoother transactions. It also provides updates on unforeseen events and information about the company.
Two significant projects have been completed in the accounting and human resources departments to optimize operational efficiency. Electronic invoicing has been fully implemented, and human resources management has been streamlined through an online digital platform. Security remains a cornerstone of the CMT’s new era, with investments enhancing this aspect. Beyond the RFID technology that automatically recognizes vehicles in the market, surveillance and recording are conducted through closed-circuit cameras. The company also emphasizes safety measures, conducting fire safety and traffic studies to gradually shift towards a culture of safety.?
The company was awarded at the 14th MOBILE & CONNECTED AWARDS with the Digital Transformation Excellence Award, recognizing its significant digital investments that have improved efficiency, transparency, and sustainability.
The CMT’s facilities, located at the 7th km on the Thessaloniki-Athens National Road, cover 247,000 sq. m. This includes 43,000 sq. m. of covered space, housing a Vegetable Market with 280 shops spread across four cores, each shop measuring 60 sq meters, and a Meat Market with 24 shops each covering 165 sq. m. The facilities distribute approximately 600-800 tons of fruits and vegetables daily, and around 600 tons of meat weekly. An average of 2,000 vehicles enter the CMT premises daily.
3. Thessaloniki International Fair is changing: Environmental and Economic Development through Urban Regeneration - Preparation launch for the urban regeneration tender
The Thessaloniki International Fair is set for a transformative redevelopment, with Thessaloniki city playing a leading role in this significant project. With the approval from the relevant inter-ministerial committee, the project has now received approval for commencement. This strategic initiative will not only bolster Thessaloniki's profile as an international destination and a pivotal hub in Southeast Europe but will also bring about a series of direct and indirect benefits. Post-completion, the impact on the city's overall economic activity is estimated to be around €500 million annually, or 0.65% of the GDP of the Central Macedonia region. The redevelopment will directly and indirectly support the labor market, generating over 1,500 job positions annually and strengthening one of the most productive sectors—the exhibition industry, which is a major multiplier of economic output for the Greek economy.
The project includes new exhibition and conference facilities, a hotel, parking spaces, and a large park, transforming the TIF into a modern business, exhibition, and conference center with significant economic, social, and environmental benefits.
The investment, amounting to €300 million (excluding VAT), will be implemented through a public-private partnership (PPP), with the public sector contributing €120 million, representing one-third of the investment. This funding will be covered by the Public Investment Program and the NSRF of the Central Macedonia Region. This model was approved by the responsible inter-ministerial committee after productive consultations and thorough exchanges of views with local stakeholders in Thessaloniki (City of Thessaloniki) and the region of Central Macedonia. The Project Preparation Facility (PPF) of the Hellenic Republic Asset Development Fund (HRADF) will oversee the project’s development.
Designed by Growthfund, TIF – HELEXPO in its portfolio, the plan involves granting a 35-year concession of the historic property hosting the Fair in downtown Thessaloniki since 1926, housed in facilities that have become outdated. The goal is to develop a multipurpose exhibition and conference area that will reinforce the city's new identity.
Post-regeneration, TIF-HELEXPO will manage the operation, administration, and commercial utilization of the Exhibition and Conference Center, while the contractor will be able to commercially exploit the spaces for event organization, according to an agreed collaboration model.?
In collaboration with the City of Thessaloniki, about 60% of the site will be transformed into a Metropolitan Park covering 100,000 sq. m., open to the public. Surrounding the TIF will be 10,800 sq. m. of communal spaces, integrated with the future park of 11,500 sq. m. at Agia Fotini and 2,700 sq. m. of green areas around the Alexandreion Melathron. The plan includes over 3,000 tree plantings.
The project also anticipates the phased completion of works and interventions, meaning that the total exhibition activity, including the emblematic TIF and AGROTICA exhibitions, will continue alongside the construction work. The new TIF will contribute to showcasing the cultural identity of the city with the MOMus Museum, the Alexandreion Melathron, and the conversion of the ESSO PAPPAS building into a History Museum of TIF. Additionally, with the creation of 1,300 new parking spaces combined with the operation of the metro, the project will help alleviate the traffic congestion in the city.?
4. PPF HRADF: The largest public health upgrade program in the history of Greece is in full swing
HRADF’s Project Preparation Facility (PPF) is currently implementing the most comprehensive public health infrastructure modernization program since the establishment of the Greek state. Led by Panagiotis Stamboulidis, this distinct sector within HRADF is managing a colossal project aimed at developing and conducting competitive bids for upgrading 80 hospitals and renovating 150 health centers, with a total budget of €529 million. This complex intervention is set to fundamentally transform our country's public health infrastructure.
For hospitals, two main activities are underway: The first, with a budget of €290 million, focuses on hospital renovations and modernizations. One project has already been completed, and 41 contracts totaling €111.1 million have been signed. Currently, 23 tenders worth €66.8 million are under evaluation, and eight bids valued at €20.9 million are in progress. An additional 18 tender processes totaling €45.9 million are in the maturation phase.??
?The second activity involves specific interventions: For the "Sotiria" General Hospital, initiatives are pushing forward for the establishment of a new Radiotherapy-Chemotherapy center and the renovation of clinics, budgeted at €23.6 million. A bid of €22.9 million is currently under evaluation, while a contract worth €686,808 has been signed. For the "Papanikolaou" General Hospital in Thessaloniki, the construction of a new building and the energy upgrade of the facilities are being promoted with a budget of €11.1 million. Two bids have been completed, with contracts totaling €11.1 million signed.?
Regarding Health Centers, interventions for renovating over 150 centers across the country are being advanced, with a total budget of €239 million.
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5. Corinth Canal: Highlighting history and enhancing services through technology
The Corinth Canal's rich historical narrative is being accentuated, parallel to the enhancement of its maritime services, with technology playing a pivotal role. The Corinth Canal (AEDIK) has embarked on a series of digital and electronic initiatives aimed at showcasing the canal's history and upgrading its services. A significant development in this context is the launch of the Virtual Museum of the Corinth Canal, now accessible at corinthcanalmuseum.com and through the mobile app "Corinth Canal MR Museum." This digital museum presents the canal's story from ancient times to the beginning of its construction in 1882. It digitally documents and highlights 40,000 pages of documents, 120 artifacts, 355 construction plans, and 25 artworks that bring the canal's history to life on users’ screens. This project, with a budget of €465,000, is fully funded by the EU and national resources.
Simultaneously, AEDIK is investing in digital tools to improve the services it currently provides for navigation. Now, the calculation of transit fees, announcements of passage, and electronic payments are made through the secure Pay By Link system. Beyond improving service, these digital services aim to reduce waiting times for transit and ultimately eliminate the need for side mooring and physical transactions. Indeed, already 80% of private leisure vessels have used these services for their transit, according to AEDIK data.
To further enhance the quality of its transit, navigation, and towing services, AEDIK now sends an electronic questionnaire to each vessel that transits the canal. Since the resumption of navigation, over 850 questionnaires have been sent out, and the responses will be evaluated to determine necessary interventions.?
The company was awarded at the 14th MOBILE & CONNECTED AWARDS with the Smart Everything - Cultural ICT Provider award for its innovative end-to-end solutions in the cultural sector through technology, creating new possibilities for accessing and enjoying Greece's cultural wealth, such as through the Digital Museum of the Corinth Canal – in collaboration with Wings ICT.
6. ESG Ninjas
Focusing on sustainable growth, social responsibility, and corporate governance, Growthfund has nurtured teams of specialists known as "ESG Ninjas." These leaders have honed their skills in all facets of modern corporate governance, actively involving all stakeholders in the process.?
During a workshop hosted by Growthfund last April, the executives presented their achievements and shared best practices gained from their experiences.
Highlighted initiatives and practices from the subsidiaries included:?
??Flash News
The New Role of Growthfund in the development of the Greek Economy
The new bill currently under consultation aims to reform and reorganize Growthfund, with key pillars being the evolution of its role with a focus on development, improving the operational framework of its subsidiaries following the PPC model, and creating a National Investment Fund to boost investments.
Specifically, the bill proposes:
The Hellenic Public Properties Company (HPPCo - ETAD) & the Hellenic Republic Asset Development Fund (HRADF) join forces for public property utilization - New MoU
ETAD and HRADF, Growthfund subsidiaries, signed an MoU on Friday, June 28, 2024, to exchange expertise and accelerate the maturation and utilization processes of ETAD's landmark properties. This agreement focuses on properties of significant importance to the national economy, tourism, and industry. By joining forces, the aim is to enhance speed and efficiency, delivering substantial benefits to the country.
This agreement is part of ETAD's new strategy for the optimal utilization of its portfolio assets, aiming to create added value for Greece's public real estate. The companies' collaboration is expected to offer significant multiplier benefits for local communities and promote the sustainable development of the Greek economy.
Organizing the UFI European Conference in Thessaloniki in 2025
The prestigious European Conference of the Global Association of the Exhibition Industry-UFI is to be held in Thessaloniki in 2025.?
This event underscores a significant vote of confidence in the Thessaloniki International Exhibition Center - HELEXPO by the Global Association of the Exhibition Industry - UFI, which will organize this major conference in June 2025. The conference coincides with the centennial anniversary of both HELEXPO and UFI, marking a milestone in the resurgence of major exhibition events in Thessaloniki.
HPPC – Government House, Thessaloniki
Collaborating to restore the Government House in Thessaloniki as a landmark
Aiming to restore the Government House as a landmark for Thessaloniki, the Hellenic Parliament, Growthfund, and ETAD solidified their collaboration in a ceremony held on Wednesday, June 5, attended by the Prime Minister. Mr. Konstantinos A. Tasoulas, President of the Hellenic Parliament, Mr. Gregory D. Dimitriadis, CEO of Growthfund, and Ms. Iro Hadjigeorgiou, CEO of ETAD, signed a memorandum for the restoration, functional upgrading, and utilization of the Thessaloniki Governor's Mansion in cooperation with the local community. The initiative aims to transform the site into a multifunctional space for culture, conferences, and events.?
Memorandum of Cooperation for Smart Digital Applications by Growthfund and the "Archimedes" Center
Growthfund and the "Archimedes" Research Center of the "Athena" Research Center have set their sights on enhancing citizen services and promoting technological innovation. This partnership focuses on evaluating, developing, and operating digital applications supported by Artificial Intelligence and Data Science technologies. The cooperation memorandum aims to expand the shared actions and applications already developed, such as EurekaPower for energy savings, "RideInsight" for monitoring bus occupancy, and "CustomerSuccess" for customer service improvement. New projects include "MarinerMuse" for managing the Corinth Canal, further demonstrating the commitment to innovative tool development.
Treasury, Investment and credit analyst in financial services.
4 个月Well said!