A new era of growth for Messinia and the Peloponnese – Investments of over €125 million for the upgrade of the airport’s infrastructure

The Concession Agreement for Kalamata International Airport “Captain Vassilis Constantakopoulos” was signed on Monday, 22 June 2026, in the framework of the Growthfund Investor Summit 2026, between the Hellenic Republic, Growthfund (as Grantor), the Concessionaire Company KALAMATA AIRPORT S.A. and its shareholders, FRAPORT AG, DELTA AIRPORT INVESTMENTS S.A. and PILEAS HOLDINGS S.A., marking the beginning of a new period of growth for the airport, Messinia and the Peloponnese as a whole.

The project concerns the 40-year concession of the right to administer, manage, operate, develop, expand, maintain and commercially develop the airport, with the aim of creating a modern aviation hub that meets international standards.

The initial consideration amounts to €45 million, while the Concessionaire’s overall investment programme is expected to reach €125 million.

The investment plan provides for the comprehensive upgrade of the airport’s infrastructure, leading to a significant increase in capacity and an improvement in the services provided and the overall travel experience, while further strengthening the region’s tourism product, regional development and international connectivity.

The works to be implemented include:

• Creation of new and reconstructed facilities with a total area of approximately 11,200 sq.m.
• Construction of a new terminal building and modernisation of existing facilities.
• Increase of check-in counters from 4 to 10.
• Expansion of security screening and passport control checkpoints in the arrivals and departures areas.
• A new, upgraded aircraft parking area with a significant enhancement of operational capacity.
• Development of contemporary commercial areas, retail outlets and food & beverage units.
• Extensive investment in new technologies and state-of-the-art infrastructure.

These works constitute the most significant intervention in the airport’s infrastructure since the upgrade carried out in 1991.

The signing ceremony was attended by the Minister of National Economy and Finance and President of the Eurogroup, Kyriakos Pierrakakis; the Minister of Infrastructure and Transport, Christos Dimas; the Governor of the Hellenic Aviation Service Provider (C.A.A.), George Vagenas; and the Governor of the Hellenic Civil Aviation Authority (H.C.A.A.), Christos Tsitouras. Also present were representatives of the Concessionaire Company and its initial shareholders, FRAPORT AG, DELTA AIRPORT INVESTMENTS S.A. and PILEAS HOLDINGS S.A., including Charles Weinland, Senior Vice President of FRAPORT AG; Felix Schwarzwälder, Asset Director of FRAPORT AG; the CEO and CFO of Fraport Greece, Alexander Zinell and Vangelis Baltas; Christos Copelouzos, CEO of Copelouzos Group; Ioannis Arapoglou, Deputy CEO & General Manager of Copelouzos Group; Achilles V. Constantakopoulos, Chairman of ĒNSOFI S.A.; Marina Papatsoni, Vice Chair of PILEAS S.A. and Executive Vice President of ĒNSOFI S.A.; and Evgenios Dendrinos, Chairman of PILEAS HOLDINGS S.A. and Chief Executive Officer of Costa Navarino S.A., among others. Growthfund was represented by its Chief Executive Officer, Ioannis Papachristou; its Deputy Chief Executive Officer, Panagiotis Stamboulidis; and the Chairman of the Board of Directors, Stefanos Theodoridis.

The Agreement was signed on behalf of the Hellenic Republic by the Ministers of National Economy and Finance, Infrastructure and Transport, and National Defence – Kyriakos Pierrakakis, Christos Dimas and Nikos Dendias, respectively – with Mr Dendias not attending the ceremony due to prior commitments, and on behalf of the Grantor by the Chief Executive Officer of Growthfund. On behalf of the Concessionaire Company, KALAMATA AIRPORT S.A., Alexander Zinell and Vangelis Baltas signed the Agreement, while Marina Papatsoni, on behalf of PILEAS HOLDINGS S.A.; Ioannis Arapoglou, on behalf of DELTA AIRPORT INVESTMENTS S.A.; and Charles Weinland and Felix Schwarzwälder, on behalf of FRAPORT AG, signed representing the initial shareholders and the investment scheme/consortium of the Preferred Investor.

As part of the concession, Growthfund will immediately and without consideration acquire a 10% shareholding in the Concessionaire Company, strengthening the long-term participation of the Hellenic Republic in the airport’s development trajectory and securing additional value through future dividends.

The initial shareholding structure of “KALAMATA AIRPORT S.A.” is as follows:

• FRAPORT AG: 51%
• DELTA AIRPORT INVESTMENTS S.A. (a company of the Copelouzos Group): 24.5%
• PILEAS S.A. (a company of the Constantakopoulos Group): 24.5%

Following the transfer of the 10% stake to Growthfund, which will be made pro rata by each existing shareholder, the company’s shareholding structure will be as follows:

• FRAPORT AG: 45.9%
• DELTA AIRPORT INVESTMENTS S.A.: 22.05%
• PILEAS S.A.: 22.05%
• Growthfund: 10%

The Minister of National Economy and Finance and President of the Eurogroup, Kyriakos Pierrakakis, stated: “A modern airport is a gateway to openness, growth, and investment. Kalamata International Airport “Captain Vassilis Konstantakopoulos”, with steadily increasing passenger traffic and over 92% of its passengers arriving on international flights, is already a key gateway connecting the southern Peloponnese with the world. The investment of 120 million euros—28.3 million euros of which will be invested within the first three years—confirms the region’s significant growth prospects, while Growthfund’s 10% stake ensures the public sector’s active participation in the value created. Kalamata is now gaining yet another powerful driver of growth for the local economy, employment, and the region’s future.”

The Minister of Infrastructure and Transport, Christos Dimas, emphasised: “We aim to strengthen Greece’s presence on the international aviation map and promote economic progress in a region that has shown remarkable growth momentum in recent years. The Ministry of Infrastructure and Transport is implementing specific initiatives in road infrastructure and air navigation that provide essential support for the airport’s operations.   Specifically: the new Patras–Pyrgos highway has been completed; the new Kalamata–Rizomylos–Pylos–Methoni highway is under construction; and the Action Plan for the modernisation of air navigation is in full swing. Through hard work, careful planning, and the right strategy, our country can realise its potential and attract high-value-added investments.”

Growthfund’s Chief Executive Officer, Ioannis Papachristou, noted the following regarding the importance of the project: “Today’s signing is a clear example of how Growthfund leverages national infrastructure of strategic importance, in line with its mission to create economic and social value. The investment being launched will substantially upgrade the passenger experience, strengthen the competitiveness of the destination and create new prospects for the local economy, employment and sustainable regional development.”

Growthfund’s Deputy Chief Executive Officer, Panagiotis Stamboulidis, stated: “Growthfund’s 10% participation in the concession company reflects our philosophy of maintaining an active presence of the Hellenic Republic in investments that create long-term value. Upon completion of the project, Kalamata will have an airport worthy of the region’s development potential, with modern infrastructure and the capacity to serve increased passenger traffic for decades to come.”

The Governor of the Hellenic Aviation Service Provider (C.A.A.), George Vagenas, stated the following: “Today is a historic day for the Civil Aviation Authority, as we are finalising the signing of the concession agreement for Kalamata International Airport “Captain Vasilis Konstantakopoulos” to the concessionaire, Kalamata Airport S.A. We are handing over the management of the airport, which has consistently growing passenger traffic, remarkable momentum, and strong growth prospects. The planned upgrade of the airport’s infrastructure by the new operators will bring added value to the region and, by further strengthening air connectivity, will contribute substantially to the development of the Peloponnese Region and the Greek economy as a whole. I must make special mention of the Growthfund and the Consortium for their excellent cooperation and contribution, which made today’s signing possible.”

Alexander Zinell, CEO of Fraport Greece and Kalamata Airport S.A., stated: “Today’s signing of the Concession Agreement marks the beginning of a long-term partnership based on trust, a shared vision, and a commitment to the sustainable development of Messinia and the Peloponnese. On behalf of Kalamata Airport S.A. and its shareholders, we are committed to creating a modern, efficient, and welcoming airport worthy of an international destination. This investment is not only about infrastructure but primarily about the people, local businesses, and the region’s prospects, creating lasting value for the local community, visitors, and the Greek economy. We thank the Greek Government, Growthfund, and all stakeholders for their excellent cooperation, and we look forward to implementing a project that will enhance connectivity and make a substantial contribution to the country’s development.”

About the project

Kalamata International Airport “Captain Vassilis Constantakopoulos” has operated since 1959 as a joint-use airport, serving both military and civil aviation activities. It is the main air gateway to the southern Peloponnese and one of the most important drivers of tourism development in the region. In 2025, it served 368,515 passengers, of whom 92.4% were carried on international flights, recording an increase of 8.7% compared with 2024. The upward trend continues in 2026, as in the first four months of the year passenger traffic increased by 12.7% compared with the corresponding period of 2025.