The Hellenic Republic Asset Development Fund (HRADF) announced that on December 31, 2015, Jermyn Street Real Estate Fund IV LP, has signed the new agreement to submit the amended Special Zoning and Spatial Plan (ESHADA) for the development of the “Astir Palace Vouliagmeni SA”.
The agreement ensures that the Plan is adjusted to the Council of the State’s opinion and has the same price of €400 million.
The whole process is expected to be completed within the first half of 2016.
According to Kathimerini, the fund represents investors from Turkey, Abu Dhabi, Dubai, Kuwait and other Emirates.
The agency is expected to cash in about 100 million euros from the deal. The rest of the proceeds will go to National Bank, which owns about 85 percent of the resort.
With information from Reuters.