Piraeus Port unveils 500 mln euro investment plan

Piraeus port unveils 500 mln euro investment plan

Piraeus Port Authority, majority owned by China's Cosco, has unveiled a 500 million euro investment plan in a bid to make its mark on the global transport map.

The master plan, made public Monday, includes the construction of an 80,000 square meter logistics center, hotels and the expansion of facilities enabling a larger number of bigger sized freight and passenger ships to dock at the port.

After taking over the management of a container terminal at OLP in 2009, Cosco has been investing in Piraeus as part of China's ambitious push to build a Silk Road through Asia and Europe. In 2016, the Chinese conglomerate took an majority at stake in OLP for 280 million euros and this position is seen increasing to 67% over the next few years.

Since getting involved in OLP, Cosco has improved the port's competitiveness and the appeal of the local real estate market.

SEE ALSO: China Cosco deal breathes life into industrial property

The boost to the port's tourism facilities also aims at securing a part of the rapidly growing number of Chinese tourists visiting Greece every year. The new docking facilities will be able to accommodate six cruise six cruise carrying some 600,000 passengers, according to OLP, of which 100,00 will be from China.

Additionally, OLP will turn two of its existing buildings into a four and five star hotel, while also building an additional one from scratch.

The master plan has been handed over to local authorities for their input. Construction is likely to start in summer and be completed by 2021

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