Deutsche Invest Equity Partners

Owners of the newly-privatized port of Thessaloniki, in Greece's second-largest city, say they will need to spend an additional 27 million euros ($33.4 million) on unforeseen equipment repairs and upgrades, arguing that facilities were in far worse condition than described by the previous, state-appointed management.

The sale of a 67 percent stake in Thessaloniki Port Authority (OLTH) is expected to be signed on December 15, the representative and coordinator of the consortium that was granted the tender, Sotiris Theofanis, said on Friday.

When sell-off fund TAIPED elected the consortium of Deutsche Invest Equity Partners, Belterra Investments and Terminal Link as the preferred bidder for the privatization of Thessaloniki Port Authority (OLTH) at the end of June, the bidder's officials professed their readiness to take over the management of the country's second largest port.

Following a significant delay, state sell-off fund TAIPED announced on Monday that the consortium of Deutsche Invest Equity Partners (DIEP) with the subsidiary of France's CMA CGM, Terminal Link SAS, and Belterra Investments of Ivan Savvidis is the preferred bidder for the concession of a 67 percent stake in Thessaloniki Port Authority (OLTH).

The improved bid of 231.92 million euros sufficed for the consortium of Deutsche Invest Equity Partners (DIEP) with the subsidiary of France's CMA CGM (Terminal Link) and the Savvidis Group (Belterra Investments Ltd) to win the tender for a 67 percent stake in Thessaloniki Port Authority (OLTH).

Deutsche Invest Equity Partners (DIEP), an investment group Ivan Savvidis, the owner of football club PAOK Thessaloniki, is a part of has bought out the Thessaloniki port (OLTH) for a price of 231.9 million euros. The development signals a new era in the city’s port, affecting the economic growth of northern Greece and the country as a whole.

Greece has received three improved binding financial bids for a majority stake in Thessaloniki Port Authority (OLTH), its second-largest, the country's privatization agency (TAIPED) said on Friday.

Last month TAIPED got three bids for a 67 percent stake in Thessaloniki Port.

Greece's privatization agency (TAIPED) asked on Friday for improved financial bids from short-listed investors seeking to buy a majority stake in its second-largest port.

TAIPED got three offers last month for the sale of a 67 percent stake in Thessaloniki Port, which is required as part of Greece's international bailout.

Greece will this week ask for improved financial bids from shortlisted investors seeking to buy a majority stake in its second-largest port, two officials said on Tuesday.

Greece has received three binding bids for a majority stake in its second-largest port in Thessaloniki, the country's privatizations agency said on Saturday.

Phillipines-based International Container Terminal Services (ICTS), Dubai-based P&O Steam Navigation Company (DP World) and German private equity firm Deutsche Invest Equity Partners submitted offers, it said.