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Astir Palace sale finalized

The board of the National Bank of Greece announced today it signed the contract for the sale of Astir Palace Hotel in the Southern Athenian suburb of Vouliagmeni.

The plot is finally sold to Apollo Investment HoldCo, a 100% subsidiary company of Jermyn Real Estate Fund IV L.P. The Hellenic Financial Stability Fund and National Bank both signed the contract, however the sale will be completed after the relevant prerequisites and terms of contract are finalized.

AGC subsidiary Jermyn Street Real Estate Fund AGC acquired Asteras Hotel complex (Astir Palace Vouliagmeni) for about 400 million euros representing investors from different Arab countries (about the 85% of their funds) and from Doğuş Group (about the 15%) which is controlled by Ferit Şahenk, a turkish multimillionare.

The Fund, which represents investors from Turkey, Abu Dhabi, Dubai, Kuwait and other Emirates made the greatest offer in the TAIPED privatization competition for 90% of the hotel’s shares.

The other participants in the competition, TEMES of the Olayan Group, Colony Capital Acquisitions LLC and Dolphin Capital Investors LTD fell short, made offers between 240 and 310 million euros, which fell short at the end.