SALFO & Associates has been appointed as the Lenders' Technical Adviser for the design, construction and facilities' management of the Piraeus Police Headquarters, PFI Project. The tendering procedure for the selection of the Project Sponsor (SPV) has been completed and the company "AKTOR CONCESSIONS S.A." has been declared Preferred Bidder. SALFO conducted the technical due diligence on behalf of the Lenders (Alpha Bank and EFG Eurobank Ergasias) for Financial Close.
The Project involves the construction of new premises for the Piraeus Police Directorate (PPD), currently accommodated in 5 large leased buildings, which are deemed insufficient to meet the needs of the said service. The Project is part of the Strategic Plan of the Public Real Estate Corporation regarding the accommodation of Public Services. The Public Real Estate Corporation is the first, amongst the Hellenic public bodies to implement contemporary financial instruments and the method of PFIs (PPPs).
The building would consist of 8 floors, with total building area of superstructure of 16.700 sq.m. and underground areas of approximately 11.000 sq.m. Under the Project Agreement, which will have duration of 27 years, the SPV will undertake to complete the construction of the Project in 27 months and thereafter the facilities management of the premises.
Following Financial Close and signing of all Project contracts, the Lenders' Technical Adviser will monitor the design and construction procedure, the compliance of the design and construction works with the contract specification and applicable legislation, will certify completed works and the construction contractor's payment applications for loan withdrawal, will review the designs and other technical documentation, will monitor the progress of the works against the approved time schedule and budget and will prepare monthly progress reports for the Lenders.
In addition, the Lenders' Technical Adviser will monitor the first two years of Project operations and will provide biannual reports to the Lenders.