AGC Equity Partners (“AGC”), on behalf of Jermyn Street Real Estate Fund IV LP (“Jermyn Street”) and Apollo Investment Holdco S.a.r.l (“Apollo”), whose investors comprise two sovereign state funds from Abu Dhabi and Kuwait, other Arab investors and the Turkish Dogus Group, is pleased to announce the completion of the acquisition of 88,46% of the shares of Astir Palace Vouliagmeni S.A. (“Astir Palace”) from National Bank of Greece (“NBG”) and the Hellenic Republic Asset Development Fund S.A. (“HRADF”) on 27 October 2016 for a consideration which would value 100% of Astir Palace’s equity share capital at €444 million funded solely by foreign equity capital inflows. Total project value, including redevelopment, is expected to be over €600 million.
The redevelopment plan aims to elevate Astir Palace to a world-class premium destination. The project is expected to be completed in 18 months and will comprise the renovation of both Arion and Nafsika hotels, the bungalows and a significant upgrade of the marina. The plan also includes the development of 13-15 residences in the wider area of the disused Aphrodite hotel. The selection of leading international and local firms is a testament to the project’s vision and strategy.
The plan will carefully consider Astir Palace’s cultural heritage and endeavor to protect and enrich the property’s natural environment whilst safeguarding Astir Palace’s legacy. The completed scheme will accentuate the touristic character of the peninsula and increase economic growth prospects for the local community, ultimately resulting in increased direct and indirect employment opportunities. Furthermore, it will reinforce Athens and Greece as international destinations for high-end tourism.
AGC, on behalf of Jermyn Street and its investors, welcomes the completion of the transaction which confirms its commitment to this project over the past 3 years and its confidence in the country’s prospects. As a project of national and international reference, AGC attaches the utmost importance to the swift implementation of the redevelopment plan and looks forward to the re-launch of Astir Palace in early 2018.
ΑGC, on behalf of Jermyn Street and its investors, would like to thank NBG, HRADF, all stakeholders and advisors for their unwavering commitment to the completion of a transparent tender and sale process.
