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Greek Parliament moves to construct international airport on Crete
Transactions - MAY 17, 2019

Greek Parliament moves to construct international airport on Crete

by Kali Persall

The Greek Parliament approved legislation May 7 to ratify a concessions contract for the new international airport at Kastelli on Crete, according to Greek Reporter.

Construction of the new Kasteli airport would conclude in five years. It is said to be the largest construction project ever on Crete and one of the largest private investments made in Greece.

The airport will be built in the city of Heraklion by sole concessionaire Ariadne Airport Group, a joint venture between GEK Terna and India-based GMR Airports Limited and is budgeted at €850 million ($950 million). It is expected to replace the current Nikos Kazantzakis Airport, which has struggled to accommodate the influx of tourists on the island.

The Nikos Kazantzakis airport, with more than 8 million passengers, was the second-busiest airport in the country in 2018 after Athens’ Eleftherios Venizelos.

The new airport will include a dual 2-mile runway and a 400-acre tarmac, which can accommodate approximately 30 aircraft. The terminal will span an estimated 775,000 square feet, for which roughly 140,000 square feet will be used for commercial purposes and approximately 12,000 square feet for a permanent exhibition space.

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