A vehicle backed by Middle Eastern sovereign wealth money has agreed to acquire a luxury seaside resort outside of Athens in a €400 mln deal.
A vehicle backed by Middle Eastern sovereign wealth money has agreed to acquire a luxury seaside resort outside of Athens in a €400 mln deal.
The buyer, Jermyn Street Real Estate Fund, has signed an agreement to acquire the Astir Palace resort from Greece's privatisation agency, Hellenic Republic Asset Development Fund (HRADF). As part of the deal, the buyer has signed an agreement to submit an amended special zoning and spatial plan for the development of the hotel complex.
'The whole process is expected to be completed within the first half of 2016,' HRADF said.
HRADF is expected to cash in about €100 mln from the deal. The rest of the proceeds will go to National Bank, Greece's largest lender, which owns about 85% of the resort.
Jermyn Street Real Estate Fund is managed by London-based investment company AGC Equity Partners. The vehicle is backed by sovereign wealth funds from Abu Dhabi and Kuwait, alongside two other Middle Eastern investors, Dogus Group from Turkey and two other AGC funds.
