The new corporate identity and mission of GAIAOSE, which is being renamed to Hellenic Rail Estate/Ελληνικά Σιδηροδρομικά Ακίνητα, were presented at an event held at the pavilion of the National Development Fund, in the context of the 90th TIF.
As part of the company's transformation, the central mission of Hellenic Rail Estate is the utilization of railway real estate assets for the benefit of local communities and the national economy.
The event, titled “Creating Public Value: A new era in the management of railway property,” began with a greeting by the Deputy Minister of Infrastructure and Transport, Giorgos Kotsiras, who underlined the strategic importance of utilizing railway real estate assets.
He made special reference to the emblematic project of the redevelopment of the New Thessaloniki Railway Station, which is being planned through public-private partnerships.
As he stated, the tender is expected to begin by the end of the year and, in combination with the donation from METLEN for the renovation of the interior spaces, will turn the station into a hub of tourism and commercial development. Mr. Kotsiras noted that the overall plan lays the foundations for the railway's real estate assets to be utilized for investment and commercial purposes for the benefit of citizens and the economy.
According to the CEO of the National Investment Fund (formerly the Superfund) Giannis Papachristou, the renaming of GAIAOSE to Hellenic Rail Estate (Ελληνικά Σιδηροδρομικά Ακίνητα) marks the beginning of an important chapter that will contribute decisively to the creation of public value.
Mr. Papachristou highlighted the significant steps of the past two years, such as strengthening the financial position, the systematic utilization of the portfolio, the upgrading of corporate governance and human resources, the digital transformation, as well as the completion of the withdrawal of rolling stock that is no longer in use. As he pointed out, the Fund's bet is encapsulated in the message of this year's pavilion at PPC “Value for the future,” through the modernization of critical national infrastructure.
For his part, the Chairman of the Board of Directors of Hellenic Rail Estate Konstantinos Kesentes, referred to the completion of 25 years of the company's operation (founded in 2001) and to the milestone of 2018 with the transfer of the shares to the National Development Fund. He stressed that the company is a model in the public sector, as it has every asset under its management fully mapped, a fact that ensures transparency and accountability. He also underlined that the renaming is not a simple rebranding, but the substantive transition to a real estate company following the spin-off of the rolling stock.
Greeting the event, the Deputy Minister of Infrastructure and Transport Nikos Tachiaos, focused on the need for substantive consultation and consensus with local communities for all development programs. He noted that railway stations should not be treated as isolated buildings, but as modern landmarks, taking into account international examples.
Speaking at the event, former Deputy Minister of Transport Konstantinos Kyranakis, stressed that the transformation of the company overturns a stagnant situation of decades. He referred to the planning that began a year ago for the radical upgrade of the major stations (Thessaloniki, Athens, Peloponnese and Piraeus), which is now taking shape. He made special mention of the renegotiation of old property lease contracts, through which injustices of the past were remedied for the benefit of the State.
The event concluded with a speech by the company's CEO, Panagiotis Balomenos, who underlined that the new corporate structure focuses exclusively on the protection, maturation and utilization of railway real estate assets. As he stressed, this strategy is encapsulated in the new corporate message: “Connecting assets, creating public value / We connect properties, we create public value”.
Referring to the axes of the company's transformation from June 2024 until today, Mr. Balomenos presented the five pillars on which the reorganization of the organization was based. Financial strengthening, with the value of the real estate portfolio increasing by 16%, - from 153 million euros in 2023 to 177 million euros in 2025. At the same time, annual revenues increased by 43% for the period 2024-2026 and rose from 6.6 million euros to 9.4 million euros. The increase in revenues came from the renegotiation of leases and the utilization of idle properties, while at the same time five new sources of revenue are being shaped: fiber optic networks and photovoltaic parks along the lines, vehicle charging stations, commercial exploitation of the new underground arcade of Larissis Station and advertising revenues at the stations.
Regarding the maturation and utilization of the properties, he stressed that the maturation rate of the emblematic properties in the portfolio soared from 20% in 2024 to 60% in the 2025-2026 period. In this context, 8 calls for expressions of interest were implemented, 7 files were submitted to the Investment Governance Council for the issuance of Presidential Decrees on land uses, while by the end of the year the tender procedures (PPPs/concessions) for 4 central railway stations are starting.
Presenting the data on Corporate Governance and the institutional modernization of the company, Mr. Balomenos noted that the Strategic Plan 2025-2030 was drawn up, the first Leasing Regulation was established, mandatory valuations and electronic tenders were introduced, while the withdrawal of rolling stock was consistently completed in October 2025.
Referring to human resources, he stressed that a new organizational chart was implemented, KPIs and annual training programs were defined. A change which, as reflected in the employee satisfaction survey with 100% participation, recorded a satisfaction rate of 95%.
As he stressed, the creation of public value also includes social responsibility. For this reason, the utilization of properties is being examined for the creation of approximately 590 homes to cover housing needs, as well as the conversion of the accommodation building at Thessaloniki Station into a modern 443-room student residence.
As regards the portfolio with the emblematic projects and the new identity of “Hellenic Rail Estate,” Mr. Balomenos announced the utilization of Larissis and Peloponnese Stations in Athens, the upgrade of Thessaloniki and Piraeus Stations, the start of works for the development of a new Freight Center in Thriasio and the completion of the tender for the former Gonou camp.
He also announced the creation of a 300-stremma business and logistics park in Larissa as well as the utilization of 230 stremmas within the city's urban fabric.