The venture, spearheaded by Thriasio Freight Center S.A., a joint enterprise between ETBA VIPE and Goldair Cargo, is now facing a deadlock due to lack of financing and bureaucratic hurdles.
Thriasio Freight Center S.A. was established on July 23, 2018, with ETBA VIPE initially holding an 80% stake and Goldair Cargo the remaining 20%. However, following a share transfer agreement on December 10, 2021, the ownership structure shifted to 60% for ETBA VIPE and 40% for Goldair, which also assumed management control. According to sources at the time, the decision to hand over operational control to Goldair was made by Eleni Vrettou, then Senior General Manager of Corporate and Investment Banking at Piraeus Bank, the major shareholder of ETBA VIPE. That management structure remains unchanged to this day, with Goldair Group’s Vice
President and CEO, Kallinikos Kallinikos, effectively calling the shots—despite ETBA VIPE maintaining the majority stake.
It is important to note that the overall project owner is GAIAOSE, the Greek state’s rail asset management company. On July 30, 2018, Thriasio Freight Center S.A. signed a 31-year concession agreement with GAIAOSE—ratified by Law 4574/2018—granting exclusive rights to develop and operate the logistics hub on a 588-acre site. A subsequent amendment to the agreement was signed on March 30, 2022, following directives from the European Commission’s Directorate-General for Competition to ensure the project did not constitute state aid.
Originally budgeted at €177 million—funded through a mix of equity and loans, mostly from Piraeus Bank—the investment plan was later revised to €260 million. This revision, combined with the lengthy delays, led to Piraeus Bank withdrawing its financing commitment.
Despite the bold announcements and detailed plans, none of the obligations outlined in the concession contract have been fulfilled. Seven years since its founding, Thriasio Freight Center S.A. remains stuck in the “preparation phase.” The concession has not been activated, and no construction has begun. The initial construction contract, awarded to METKA, was never executed, and a new tender process to find a contractor remains unfinished.
Meanwhile, a licensing application submitted two years ago to the Ministry of Development and the General Secretariat for Industry is still pending. All signs suggest that the development of Greece’s flagship logistics hub—with a planned 235,000 sq.m. of warehouse space and infrastructure—is unlikely to proceed anytime soon.
Financially, the situation is deteriorating. The company’s 2023 financial statements show a €500,000 drop in equity year-on-year, now at €15.43 million. Accumulated losses have climbed to €1.31 million, painting a bleak picture of a project that, for now, resembles a "bottomless barrel."
