Kasteli/New Heraklion Airport

Kasteli/New Heraklion Airport is a proposed new airport development project to replace the existing civil/military facility at Heraklion Nikos Kazantzakis Airport, Greece's second busiest airport. The new airport will have a 3800m runway and intends to be operational in five years. A new provisional tender for the construction and management of the airport was awarded to Ariadne Airport Group, comprising GEK TERNA and GMR Infrastructure, in Jul-2018.

Aug-2023. Greece's Ministry of Infrastructure and Transport announced construction of Kasteli/New Heraklion Airport has reached 25% completion.

Jul-2022. Kasteli/New Heraklion Airport will be constructed by the end of 2025, according to construction company GEK TERNA CEO George Peristeris. Construction is expected to commence in summer 2022, with an estimated project cost of EUR500 million.

Feb-2020. Greece's Prime Minister Kyriakos Mitsotakis officiated the groundbreaking for construction of Kasteli/New Heraklion Airport. The facility is scheduled to be completed and ready to handle commercial traffic by 2025 and will take over commercial traffic handled by Heraklion Nikos Kazantzakis Airport. The project includes the construction of a 72,000sqm terminal, 3200m runway and 27 aircraft parking spaces on the apron. Mr Mitsotakis clarified the state will hold a 46% share capital in the airport with the remainder held by concessionaire Ariadne Airport Group. He added the Greek state will "soon see a return of more than EUR1.2 billion" and "will exceed EUR2 billion" p/a at the end of the 35 year concession period when the Greek state becomes the sole owner of the airport.

Feb-2019. GMR Airports Limited and TERNA Group signed an agreement for the design, construction, financing, operation and maintenance of New Heraklion Airport. Phase 1 construction will run for five years with an overall concession period of 35 years.

Dec-2018. Greece's Court of Auditors approved a convention for construction of Kasteli/New Heraklion Airport. The approval allows Ariadne Airport Group consortium comprising GEK TERNA and GMR Infrastructure to begin construction in Jan-2019 lasting five years. The EUR480 million/USD545 million construction project awaits ratification from the Greek parliament.

Sep-2018. Greece's Ministry of Infrastructure general infrastructure manager Yannis Karnesis reported construction of Kasteli/New Heraklion Airport is scheduled to begin in early 2019, with construction lasting four years. 

Jul-2018. European Commission (EC) Directorate General for Competition approved the concession agreement awarded to Ariadne Airport Group for construction/lease of Kasteli/New Heraklion Airport. The concession is subject to approval by Greece's Court of Auditors, with preliminary construction works expected to commence in 1Q2019, according to Greece's Ministry of Infrastructure.

Nov-2017. Greece's Ministry of Infrastructure, Transport and Networks is negotiating with the European Investment Bank (EIB) for an EUR180 million/USD214 million loan, to cover public contribution of the Kasteli/New Heraklion Airport project.

May-2017. Greece's Transport and Infrastructure Minister Christos Spirtzis confirmed the award of the provisional concession contract for the construction and lease of Kasteli/New Heraklion to a consortium of Greek company Gek Terna and Indian company GMR Infrastructure Airport. He said "there will be more than 500 permanent jobs, and the companies plan to invest at least EUR850 million (USD956 million) in the airport's construction".

Apr-2017. Greece's Government unsealed the tender offer from GMR Infrastructure subsidiary GMR Airports Ltd, for the build-operate-transfer (BOT) tender for Kasteli/New Heraklion Airport. The tender offer was priced at only EUR480 million/USD511 million. 

Feb-2017. Greece's Minister of Infrastructure, Transport and Networks Christos Spirtzis confirmed the first phase of the 35 year build-operate-transfer (BOT) tender for Kasteli/New Heraklion Airport is, "Coming to conclusion and consequently, we will have a winner this year".

Oct-2016. Greece's government received an EUR550 million/USD603.6 million bid from GMR Infrastructure subsidiary GMR Airports Ltd, for the build-operate-transfer (BOT) tender for Kasteli/New Heraklion Airport.

Jun-2016. Greece's Prime Minister Alexis Tsipras confirmed the tender for the construction of Kasteli/New Heraklion Airport has been extended until end Jul-2016. The tender has been extended on multiple occasions, most recently from 06-May-2016 to 27-Jun-2016. 

May-2016. Greece's government confirmed the tender for the construction of Kasteli/New Heraklion Airport has been extended until 27-Jun-2016.

Feb-2016. Greece’s government postponed the deadline for the EUR850 million/USD944 million construction tender of Kasteli (New Herakilion) Airport in Crete until 06-May-2016. A variety of economic impacts repeatedly delayed the airport’s construction. Vinci Airports jointly with Ellaktor, and Spain's Grupo ACS jointly with GEK-Terna, are reportedly expected to bid.