The €524M Nautilus Project: All Talk, No Action?

10:42 28/2/2025 - Πηγή: Dikaiologitika

The Nautilus Project has been making headlines in Greece as a massive €524 million investment aimed at transforming the port of Astakos, in western Greece, into a premier mega yacht marina.

Reports had suggested that the Greek Interministerial Committee for Strategic Investments had approved the project, paving

the way for its development. However, as of yesterday, the General Secretariat of Private Investments at the Ministry of Development claimed to have no knowledge of the matter, raising questions about the project's status.

The Nautilus Project is an ambitious plan to convert the existing Naval Industrial Zone (NA.VI.PE.) in Platygiali, Astakos, into a luxury marina catering to mega yachts. The proposal envisions approximately 350 berths, including 105 designated for yachts over 40 meters in length. If completed, the development would span 1,800 hectares, making it the largest marina in the Mediterranean. In addition to the marina, the project includes a business park, high-end vacation residences, a five-star hotel, commercial spaces, and a conference center.

The investment is led by MYMAR Nautilus Investments (Mega Yacht Marina and Resort), a Cyprus-based company that has been working on structuring the project for five years. Other key partners include the Greek construction firm Archirodon, yachting services provider BWA Yachting (owned by the Vassiliou family), and A1 Yacht Trade. There have been rumors that the project could receive funding from the United Arab Emirates, but no concrete confirmation has surfaced.

Despite reports of governmental approval, the project faces a significant hurdle: the developers have yet to secure ownership of the land needed to proceed. The key to moving forward lies in acquiring APE Investment Property S.A., the company that controls and manages the maritime and industrial zones at Platygiali. Currently, Alpha Bank holds a 71.08% stake in this company, while Piraeus Bank owns the remaining 28.92%. Although Alpha Bank has been looking to sell its stake for the past three years and has engaged in negotiations with MYMAR and Archirodon, no deal has been finalized. Insiders suggest the 71.08% stake is valued between €45-50 million, but the talks have stalled repeatedly, leaving the project's future uncertain.

Another critical factor is the acquisition of a 19-hectare plot owned by ETVA Industrial Parks S.A., which sits in the middle of the proposed development. Without securing this land, the project cannot move forward. While the cost of this plot is relatively minor compared to the overall investment—given that land in the area sells for around €78,000 per hectare—negotiations have been challenging. MYMAR and Archirodon reportedly made an offer to ETVA Industrial Parks two years ago, but their bid was rejected as too low.

Although much has been written about the Nautilus Project, the potential involvement of Arab investors, and the prospect of fast-track approvals, its future remains highly uncertain. Without a finalized agreement with Alpha Bank and ETVA Industrial Parks, the project is at a standstill, leaving its grand vision for a world-class mega yacht marina hanging in the balance.

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