Greece's state privatisation fund, the Hellenic Republic Asset Development Fund, said it has received four binding offers for the Astir Palace resort in Vouliagmenis, a seaside town located 20 km south of Athens.
Greece's state privatisation fund, the Hellenic Republic Asset Development Fund, said it has received four binding offers for the Astir Palace resort in Vouliagmenis, a seaside town located 20 km south of Athens.
State-owned National Bank of Greece controls around 85% of Astir Palace Hotel SA, the public company that owns the resort. The asset is believed to have a market value of €165 mln.
Bidders for the asset include a consortium of US private equity group Colony Capital and Dolphin Capital Investors, London-based AGC Equity Partners through its Jermyn Street Real Estate Fund IV, an investment entity ultimately controlled by members of the Constantakopoulos and Olayan families as well as Lamda Erga Anaptyxis, a unit of developer Lamba Development.
Famous for its celebrity guests, Astir Palace opened in 1960 and covers an area of over 100,000 m2.
The sale of the landmark asset is part of Greece's privatisation programme aimed at paying back its international bailout creditors.
Earlier this week, NBG also signed an agreement to sell a 66% stake in NBG Pangaea Real Estate Investment Company to an investment company founded by a former RREEF executive in the largest real estate transaction in Greek history.
Invel Real Estate Partners, established and led by Chris Papachristophorou, is paying €653 mln for the stake in Pangaea, Greece's largest REIC - the country's equivalent of a tax-transparent real estate investment trust or REIT. The company owns a portfolio of 243 commercial properties comprising a gross leasable area of 416,000 m2.
