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Newsletter December 2012

HIGHLIGHT

Impressive FDI Trends in 2012

Greece has registered an impressive portfolio of investment activity in 2012.

The massive reform efforts of the Greek government, including a focused priority on attracting foreign direct investment (FDI), is producing impressive results in attracting interest in Greece’s wide-ranging investment opportunities.

The Greek government, and Invest in Greece, are positioning investors at the center of Greece’s growth and reconstruction plan. Results of this effort are already evident, as a large number of projects are in the pipeline.

Invest in Greece believes that the first mover advantage is a particularly powerful incentive for companies to consider. With stability returning to Greece’s economic and political landscape, vibrant momentum underway, and a deep commitment by the Greek government to support FDI, investors are poised to reap considerable benefits.

We present some examples of investment activity during the past 12 months that is defining a new FDI landscape in Greece.

Canadian Eldorado Gold agreed to acquire all of the shares of European Goldfields, which currently operates in Greece and is developing three gold mines.

U.S. Watson Pharmaceuticals bought Greece's Specifar for $562 million dollars, an acquisition that demonstrates the deep intellectual capital of Greece that is highly marketable.

The Dutch group of Friesland - Campina inaugurated a 10 million Euro investment in the food sector.

McArthurGlen opened its 20th European outlet store in Athens. It is an investment of €100 million Euro which occupies a gross land of 21,000 square meters and created 1,000 new jobs.

The Chinese Group of Companies FOSUN agreed to acquire approximately a 13.4% stake in Greece’s Folli Follie Group, a globally recognized fashion company that has vast growth potential.

Cronwell Hotels and Resorts and Russian private investors acquired three Hotels in Greece’s Chalkidiki region, as well as many residences, beginning an investment program that capitalizes on Greece’s leading position as a tourism destination and its emerging position as a second home market. 

The Czech investment group PPF and ICT Group, the vehicle of Russian investor Alexander Nesis, have bought minority stakes in Greece's fourth-largest lender Piraeus Bank.

Linnaeus Fund, based in the Netherlands, has acquired significant stakes in Greek aquaculture companies and raised its equity stake in Dias Aquaculture to more than 50 percent.

Turkish Setur Servis Turistik AS, subsidiary of Koç Holding and Greek multinational Folli Follie SA, won a concession to operate a marina on the Greek island of Mytilini for 40 years.

Turkish Kartonsan, a subsidiary of the Turkish Group Pak Holdings, has acquired MEL S.A. Macedonian Paper mills.

Fairfax Financial Holdings Limited, in August 2012, acquired from Lamda Development SA 19.1% of Eurobank Properties REIC S.A.

US CEVA Inc (a NASDAQ listed company) announced its equity investment in Greece’s Antcor, a provider of software-based intellectual property for Wi-Fi in handsets, machine-to-machine (M2M), and small cells.

China’s Sinovel is set to finalize 300 Mega Watt deal: A memorandum was signed with Greece's Public Power Corporation regarding Sinovel’s participation in a wind farm at Rhodope in northeastern Greece, with a capacity of 300MW and a budget of 220-250 million Euro.

Abengoa, the Spanish multinational corporation, received its electricity generation license for the construction and operation of a 25MW CPS plant on Crete.

NUR-MOH Heliothermal on Crete received a 38MW electricity generation license for a solar power plant. The developer, Nur-MOH, is in a joint venture with Nur Energie, an independent power producer and developer active in the Mediterranean region, and Motor Oil Hellas (MOH), one of the largest corporations in Greece listed on the Athens Exchange. The subsidiary company entered into an agreement with the Municipality of Lefki, Crete, for a 20-year lease of 100 hectares of municipal land in order to build, own, and operate a CSP plant.

US Phoenix Solar is building 1.1MW Greek solar plant Photovoltaic system integrator. Phoenix Solar announced in October 2011, a 1.1MW solar power plant in Kolindros in Central Macedonia. Construction work began in September and has already been completed.

Conergy: Conergy is currently constructing a 1.5MW photovoltaic park in Arta and a 2MW photovoltaic park in Grevena, located in the northern parts of Greece.