Chinese shipping giant COSCO announced on Wednesday it had completed the acquisition of a majority stake in the Greek port of Piraeus. 

COSCO acquired 67 percent of the port for 368.5 million euros (around US$409 million) under the deal with the Hellenic Republic Asset Development Fund of Greece.

The sale gives COSCO rights to run Piraeus until 2052. COSCO has pledged to invest 294 million euros to expand cruise facilities, upgrade the dockyard and create parking spaces.

Stergios Pitsiorlas, chairman of the Hellenic Republic Asset Development Fund says he is confident COSCO will turn Piraeus Port into one of the world's main cruise departure hubs.

"So far everything is going well. The acquisition deal has been well received by the Greek people because we believe this will be good for the Greek economy," said Sergios Pitsiorlas, chairman, Hellenic Republic Asset Dev't Fund.

"After the acquisition, the Piraeus port will be a gateway linking China and Europe. I am confident that under COSCO's management, the port will become the largest and most successful port in the Mediterranean Sea."