What redevelopment is planned for Athens stations?
The Larissis and old Peloponnese stations will be integrated into a single development. Plans include restoration of historic buildings plus new commercial space, offices, restaurants and cultural venues. A 6,000-square-metre hospitality building and an additional 10,000-square-metre structure above the tracks are proposed, bringing total new construction to roughly 18,000 square metres. The underground arcade at Larissis is also earmarked for retail use. The approach follows the broader shift away from treating stations solely as transport infrastructure toward viewing them as urban real-estate assets capable of generating revenue and capital gains through mixed commercial, tourist, office, cultural and leisure functions. The company is transforming from a rail-property manager into a full real-estate operator under the Hellenic Rail Estate brand, applying the same logic used at large European stations that operate simultaneously as transport hubs, shopping centres and investment properties. Special urban planning studies, strategic environmental impact assessments and traffic studies have already been filed so that clear land-use rules and building conditions can be established before any tender. Public consultation and presidential decrees must still be completed, after which competitive procedures for PPPs or concessions are scheduled to begin by the end of 2026.
How large is the Thessaloniki project?
The site covers about 80,000 square metres. Total new floor area is expected to reach 55,000 square metres. A 32,000-square-metre building above the tracks will house retail, dining and leisure facilities. A further 12,000-square-metre structure is under consideration for either a hotel or a 443-room student residence. Interior renovation of the existing station is to receive support through a donation from METLEN. This remains the largest single intervention among the four stations and will test the company’s ability to deliver complex projects at scale. The scale of new construction far exceeds the other three sites combined, making Thessaloniki the flagship test case for the entire strategy. The company expects the mixed-use scheme to generate both immediate rental income and long-term capital appreciation while the station continues to handle daily rail operations. Because the project is still at the planning stage, the final mix of hotel versus student accommodation has not been locked in, leaving one element of the programme open to further adjustment before tender documents are issued.
What uses are foreseen for the Piraeus station?
The 13,000-square-metre property benefits from direct links to the port, metro and suburban rail. Proposed functions include shops, tourist facilities, offices, cultural spaces and parking. The location is expected to capture both ferry passenger traffic and the wider upgrading of the Piraeus transport hub. Its proximity to the harbour gives it particular value for tourism-related and commercial tenants. The site is viewed as a prime waterfront asset whose value is enhanced by the ongoing regeneration of the entire Piraeus transport interchange. Potential operators are expected to combine retail and hospitality offers that serve both arriving cruise and ferry passengers and the growing local office workforce. As with the Athens and Thessaloniki sites, the Piraeus scheme will be prepared through the same sequence of planning studies, public consultation and presidential decrees before any PPP or concession tender is launched.
When will tenders begin?
Public consultation and presidential decrees are required before competitive procedures can start. Hellenic Rail Estate expects PPP or concession tenders for the four stations to be launched by the end of 2026. The shift moves the company from simple leasing toward larger investment projects financed with private capital. Special urban planning studies, strategic environmental impact assessments and traffic studies have already been submitted for all four sites to establish clear land-use rules and building conditions. The company has already raised the maturity level of these flagship assets from roughly 20 percent in 2024 to 60 percent in 2025-2026, signalling that the preparatory work is advancing on schedule. Once the decrees are published, the tender process itself is expected to move quickly because the technical and environmental parameters will already be fixed.
How have financial results changed?
Portfolio value rose from 153 million euros in 2023 to 177 million euros in 2025, an increase of 16 percent. Annual revenues grew from 6.6 million euros to 9.4 million euros. Property maturity advanced from around 20 percent in 2024 to 60 percent in 2025-2026. Additional income streams under study include fibre-optic leases, photovoltaic installations along tracks, electric-vehicle charging points and advertising. These figures reflect the early impact of the new real-estate strategy before any of the major station projects have reached tender stage. The 33 percent revenue increase demonstrates that even conventional leasing activity is already benefiting from higher occupancy and better contract terms. New non-rental sources such as fibre optics and photovoltaics are being explored along the wider rail corridor, not only inside the four flagship stations, to broaden the income base beyond traditional property leases.
What remains to be settled?
The real test will be whether the announced PPPs and concessions attract investors and convert the plans for the large stations into projects with firm timetables and measurable economic results. The company has moved from passive leasing of existing spaces to seeking complex investment projects, yet success depends on market response and timely approvals. Until the first tender results are known, it remains uncertain how quickly private capital will commit to the scale of construction envisaged, particularly in Thessaloniki. The coming months of public consultation will also reveal whether local stakeholders raise objections that could delay the presidential decrees and therefore the overall timetable.
Frequently asked questions
Which stations are included?
The four largest: Larissis and old Peloponnese in Athens, Piraeus station and the new passenger station in Thessaloniki.
Will the stations remain operational during works?
Yes. Redevelopment is designed to keep stations functioning as transport hubs while adding commercial and hospitality uses.
Who manages the projects?
Hellenic Rail Estate, the rebranded real-estate arm of the former GAIAOSE, leads the programme.
Are environmental studies completed?
Strategic environmental impact assessments and traffic studies have been submitted together with the special urban planning studies.
What is the expected timeline?
Tenders are scheduled before the end of 2026, subject to final approvals and public consultation.
