Astir Palace - Greek Coastal Investment

line
Astir Palace - Greek Coastal Investment

18th February 2014

 

The Athens Riviera is showing the way towards a real estate renaissance in Greece. The Hellenic Public Assets Privatization Fund has approved the sale of the flagship “Astir Palace Hotel and Resort” for € 400 million, to “Jermyn Real Estate Fund IV L.P.”, formed by sovereign funds from Kuwait and the U.A.E. and other minority equity partners including Dogus Holding of Turkey. The property includes 3 hotel units of a total of 450 keys and 58 bungalows over 11ha. of beautiful wooded lands on the Vouliagmeni peninsula, a private sandy beach and a marina. The investors plan to implement a € 350 million investment plan to develop an exclusive 7 stars vacation destination. Meanwhile the bid for the former airport grounds at Hellinikon is in full swing: a mere 620ha. of prime real estate, including 3,5 km of waterfront and a 340 berths marina at Agios Kosmas, is sought after by major international developers. The Hellenic state expects the highest bid to reach € 7 billion, plus another 3 billion for secondary structures. The project is expected to create 15 000 jobs during construction, and another 50 000 jobs when fully developed, while the state is looking forward for € 2 billion in taxes leveraging on the forecasted increase in tourist affluence to the wider Athens area, by an extra 1 million visitors.


Focal specializes in the provision of cost consulting and technical advisory services to international stakeholders targeting major real estate investment opportunities.