Sunday 19 May 2019

The Astir Palace Hotel

Turkish-Arab fund to invest $322m in luxury Greek resort

ATHENS, December 7, 2016

Jermyn Street Real Estate Fund, a Turkish-Arab venture has announced plans to spend close to €300 million ($322 million) for redeveloping a luxury seaside resort outside the capital city of Athens in Greece, said a report.

The redevelopment plans for the Astir Palace hotel complex were submitted yesterday (December 6) by Jermyn Street Real Estate Fund, which recently acquired a 90 per cent stake in the property as part of a key privatisation scheme under Greece’s international bailouts since 2010, the Gulf Times reported.

The fund represents investors from Turkey, Abu Dhabi, Kuwait and other Arab countries.

The sale, which was completed in October this year, was earlier agreed upon in 2014 but was delayed by Greece’s leftist-led government which vowed to stop privatizations, the report said.

An administrative court had also ruled that the planned construction violated national law but that hurdle was removed when Jermyn Street and Greece agreed in January on an amended special zoning plan to align the plot’s development with the court’s ruling, it added.

Tags: Greece | Palace | street | Turkish fund |

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