European real estate investment platform Henderson Park and international real estate firm Hines have acquired a 71,000 m2 site in Athens, Greece, for the development of a residential-for-sale complex.
Financial details were not disclosed.
According to the firms, the site is zoned for residential development and was acquired off-market from the Benaki Museum.
Located in the residential suburb of Voula, the new development will comprise over 400 residential units with shared amenities, private gardens, pools and security.
Henderson Park and Hines intend to deliver the project in phases over the next four years.
Nick Weber, founding partner of Henderson Park, said: 'With this transaction we have been able to extend our commitment to the Greek market while gaining control of a high-potential residential development project in one of Athens’ most sought-after prime locations and at an attractive entry basis.
'With limited comparable product on offer and strong identified demand, we’re confident that our premium offering in the desirable suburb of Voula will draw interest from both local and international buyers. We are pleased to be working with Hines again on this latest project using our combined global experience and local knowledge to create value.'
This transaction is the third Greek joint venture between Henderson Park and Hines, having previously acquired the five-star Grand Hyatt hotel in Athens and a portfolio of resort hotels on the island of Crete together.
The companies are also collaborating in other European countries with investments to develop 1,730 student beds across Spain and the UK.
The firms said that the majority of Athens’ residential stock was more than 30 years old, with a lack of new schemes creating pent-up demand for quality product.
Paul Gomopoulos, senior manging director and country head for Greece at Hines said: 'The site’s location in Voula, one of Athens’ most desirable districts, and its proximity to the waterfront, provides a unique opportunity for premium residential.
'We will draw on our international expertise in residential development to deliver a high-quality product to international standards, one that will serve as an excellent example of Hines’ capability as we grow our residential platform in Greece and in the Living sector across Europe. Our latest investment with Henderson Park underlines the strength of our partnership in Greece and across Europe.'
Finance for the transaction was provided by Alpha Bank. Hines and Henderson Park were advised by Lambadarios Law Firm.
