TECHNICAL OLYMPIC (ASE: OLYr.AT) the leading Greek construction and home building group, announced that is increasing its involvement in the area marina development and management and it is developing further its marina network by undertaking the development and operation of the Flisvos Marina in Faliro, Athens.

The relevant contract was recently signed between the Hellenic Touristic Properties (ETA) and ?Lamda TechnOl Flisvos Marina? a company established by Technical Olympic and Lamda Development which are the main shareholders, along with other Greek and foreign companies active in the areas of real estate development and marina design and operation.

According to the contract, ?Lamda TechnOl Flisvos Marina? will implement a development plan of an estimated value of 44 million Euro and will operate this VIP Marina for 40 years, ensuring a steady source of revenues.

The facilities of the Flisvos Marina will be used during the 2004 Athens Olympic Games.

In the area of Marina development and operation, Technical Olympic controls 47% of Delos Marinas S.A. which is developing three marinas in the Aegean Sea (Samos, Skiathos and Marko Marina) and owns 100% of the Porto Carras resort marina. All five marinas create a well defined marina network in the Eastern Mediterranean.