Shipowner George Procopiou has topped the bids lodged for Greece’s largest shipyard and will take over Hellenic Shipyards.

The Dynacom boss beat another local owner, Theofilos Priovolos, in an auction for the yard, which has been under state administration for the last three years.

Including adjacent property, Procopiou is paying EUR62.2m for the Skaramangas-based facility, which was originally constructed by another big name in Greek shipowning, Stavros Niarchos, in the 1950s.